What Gold and Silver Need to Do Technically to Get Rolling

Here is what gold and silver need to do to go bullish per the live futures daily charts below (click for full, clear view).

Gold needs to break above the red dotted neckline, which would also break the top trend line of a wedge. Pretty clear cut, eh? Otherwise, it would be vulnerable to resumed downside to one or more of the support areas (SMA 200, 1240 & 1215), especially if stock markets turn back up again and risk goes back ‘on’ again.

gold

Silver has actually crept above the top wedge line and is just above support. It’s got a sneaky bullish looking RSI and MACD. On the negative side, it is below both key moving averages, which are sloping down. It needs to clear those.

silver

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