Would today's precious metal charts indicate weekly key reversals?
Thank you for this question. An upside weekly key reversal occurs when the price moves to a new low intraweek but rallies to close above the high of the previous week. If that were the only consideration then this week would fulfil those characteristics. However, for a reversal to occur you need first to have had a decline and gold has been ranging between $1280 and $1300for the last four weeks. Therefore, this is a clear upward dynamic and, technically speaking, an outside week rather than a reversal which reasserts demand dominance.
Silver bounced impressively from above the psychological $15 area and the region of the trend mean.
Platinum continues to steady in the region of $800.
Palladium on the other hand posted an upside key day reversal today.