Bad data from the US helped the precious metals climb higher and on both Gold and Silver, we are very close to see major long-term buy signals.
Lets start with Gold, where the price defended the 1307 USD/oz support for the third time in a row. Inverse Head and shoulders pattern is off the table, but the new one has emerged: triple bottom formation. The resistance remains the same and it’s the 1315 USD/oz. The price closing a day above that level will be strong signal to go long.
Silver was in a much worse situation but is currently showing signs of a potential bullish reversal too. Two days ago, we broke a lower line of the symmetric triangle pattern and the major up trendline. Yesterday, we successfully tested those areas as a resistance. The situation looked dramatic but buyers managed to create a reversal, which is drawing a right shoulder of the Inverse Head and Shoulders pattern. The price closing a day above the yellow area, will be a strong buy signal.
The last instrument is the USD/CAD, where the price also created an inverse head and shoulders pattern but here it is much bigger. What is more, on this pair, it is present on a major up trendline, which only strengthens this formation. The price closing a day above the red neckline, will be a legitimate signal to open long position.