Gold (and Silver) Still in Short-term Correction Mode

With reference to this morning’s pre-market post, gold (daily) held below the EMA 20 on the bounce. Hence, it’s still a candidate for the 1800 to 1833 area, where it would still be just fine technically, should it drop that low.

gold price

Silver is different. It whipsawed below and jerked back above its EMA 20.

silver price

However, the red dashed line is the long-term marker that I had thought all along would provide stern resistance. After briefly impaling it, gold’s wild little bro did the right thing.

silver price

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