Quick update on the silver chart, reference my previous post (not gold however could have an affect on gold).
Chart 1: Silver daily chart
A huge potential fakey setup with pinbar occurring just above weekly and daily support. The fakey occurs when one or more inside candles trade within the limits of a larger candle (the mother bar) and is subsequently broken and regained (a false-break). This is a very powerful formation when combined with S/D or S/R levels and can indicate a substantial move in the opposite direction of the false break. As you can see this coiling formation followed by false-break preceded that of the meteroic rise to $30. If this pinbar closes within the limits of the motherbar (+$28.832) then it is potentially game on for silver.
Chart 2: Silver momentum chart
Once the 8 ema (yellow line) and 15 ema (blue line) flip on the 4r chart it could add confluence to the trade as an indicator that momentum is in our favor.
