A look at the in-day views of gold and silver using daily charts.
Gold halted at the down-turned SMA 50 after previously using the up-sloping SMA 200 as support. The consolidation has not been broken and as such gold is still a candidate to test lower support. This ranges from 1800 to the mid-1700s (62% Fib is at 1700).
Silver has dropped back below the SMA 50 after never having hit the minimum expected support area at 21.23 and so that is back in play. Conveniently the 200 day average is rising right to that area. Watch for it. Other supports are noted. If it’s a fake out, so be it. Silver can get back on the recovery. But as long as it is below the SMA 50 the lower support areas are in play.
