A very simple update. This morning in pre-market the precious metals were tanking. Now? Not so much.
Gold slammed the next support level we have noted at around 1680 and reversed.
It was not solid, no-brainer support but it was support nonetheless on the weekly chart.
Silver slammed the important support area in the low 18s again and also reversed.
The weekly chart shows what – unlike gold – is no-brainer support unless the whole play is doomed to fail. But with silver’s CoT so contrary positive I think it is only a matter of time before this metal gets a well deserved rally.