Long-term yields are up this morning and to no surprise at all gold and silver are pulling back. Recall that our view for a gold bounce coincides with the current pullback in yields. When that pullback ends, I expect renewed pressure on gold. As of this morning, the end of the yield pullback is not yet technically indicated.
Gold is finding resistance where it should, at the SMA 50 and lateral resistance. At best we are looking for the channel top or the SMA 200 (1859).
Silver is holding above the SMA 200, which is a must in order to keep the bounce view active.
