A little micromanagement of the gold and silver price futures, live in pre-market.
Gold is holding the up channel/flag, has inched above the EMA 20 and has also poked back above the short-term downtrend consolidation line. Thus, it’s still a candidate to break bullish. It’s the daily pogo market in action (up, down, up, down, up… ). Taking out the SMA 50 is the bullish goal. I continue to like RSI’s formation.
Pogo Silver continues in its well formed bear flag below the heavy resistance zone of 26 to 27.50. If it can inch above the EMA 20 (black) a logical testing area would be where the SMA 50 meets the lower end of the above-noted resistance zone. RSI looks okay here too.
Gold is closer to breaking bullish and silver has a lot of work to do at resistance. These are bear flags by definition, rising on modest volume. But that does not mean they have to stay that way. The above show the work each metal need to do to take the “bear” out of the flag.
