Gold and Silver Daily Technical Chart Report
Gold is trying to make its way back to its 200 day SMA at 598.40. If gold can reach and break this level convincingly we could see gold spike to 650.If it fails to do so mid 550s could be on the horizon.
Silver for the better part of the month has traded
around its 200 day SMA around 11 sooner or later it will break away, and
next stop could be 13, but if gold technically breaks down, it might be more
likely silver will follow. Right now its wait and see.
| Gold and Silver Weekly Technical Chart Report
Gold continued lower this week breaking the 50 day
SMA on the weekly which could lead to $508. This up and coming week
could be a telling sign where gold is heading in the short term. If gold
can continue to rally through its daily resistance around 600 we could
see 650. Silver managed to hang on to it weekly support
level, but gold's performance over the next week is key to silvers
current rally. If gold continues to trade lower its only a matter of
time before silver breaks key support which could send silver to $9,
prices not seen since February. But at this point there's no need for
worry. |