Gold is bouncing from the deep drop to test the previous lows in March. Note the word “bounce” because it will not be anything more than that unless it takes out the moving averages in the red shaded zone.
Even then it would have more work to do by taking out the May high at 1920 to get a technical ‘all clear’. Bounces are normal, even expected. Play them if you will *, but know it’s a bounce until it takes out important upside levels (1765, 1820 & 1920).
Silver is trying to muster a bounce and here you see first resistance at 23.70, then clear resistance at 24.75 and then the converged moving averages in the 26 area.
* In whatever way you’d ‘play’ a long-term anchor to monetary value.
