A snapshot on gold…
We noted the May/June low as the key resistance point for gold and today it is popping above that point, with a 50+ (but not over bought) RSI. Also of note is the declining SMA 50 right above that spot. If gold can hold above here to close the week, it would be positive sign for yellow metal.
I have found it interesting that gold has maintained its firmness on its October bounce, through stock market weakness and strength as well as US dollar weakness and strength.
Silver has been much more iffy and unlike gold, resides below massive long-term resistance. This is in line with a more bearish macro backdrop that would see the Gold-Silver ratio continue to rise, potentially with a resumption in USD as well, after its short-term correction.
