A Little Gold and Silver Price Micro-Management

The daily futures charts (click to expand) show gold curling up to try to re-take the SMA 50. If it takes the 50 out and zooms back up great, the pom pom brigade will be back in business. If not, the SMA 200 and/or some notable lateral support are still open.

gold futures

Silver did not quite reach the very clear support area I had laid out for it and as of now remains sandwiched in between it and just as clear a resistance area up above. It did test the SMA 200, which is good. RSI trend is down.

silver

The thing that irks me with gold and silver is that as noted last Friday, the Commitments of Traders improved but the trends do not appear to have completed. We’ll see.

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