GOLD & SILVER | The next reaction will be more significant

The short-term scenario looks impressive, but I have no intention of buying at these prices.

$XAUT is sitting near $4,399 after testing the level of $4,421. For now, the main positive scenario is associated with the dominance of prices above the short-lived moving average, which is also confirmed by the 4H frame.

However, I am paying great attention to the possibility of a short-term decline to $4,421 is where the chart gets interesting. A rejection there could send XAUT back toward $4,382-$4,373 to form a new base for the price. In this case, the bulls will continue to control the situation.

Similar reasoning can be applied to silver.

Price reached $67.00 and has pulled back toward $65.62 and I expect buyers to appear at $65.10-$65.50 to push the price back up to a new record high.

Therefore, I prefer to watch the situation from the sidelines for now, waiting for the bears to show strength.

As for XAUT, then the key level is $4,421 is the key ceiling XAG: $67.00.
$XAUT ‌
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