Gold thus far holds the support, which can be seen on a weekly chart per a July 21st update. Here is the updated daily for review.
Silver is the precious metal we’ve been watching more closely due to its stellar (contrarian bullish) CoT situation and its status at clear long-term support.
If we take it in a vacuum (i.e. we ignore the fact that there is a meeting of market regulators who manipulate and react to interest rates as the case may be, about to render a decision), silver could be making a small double bottom at key support. MACD, while well negative, is on an up-trigger. RSI became as oversold as it usually gets before a bounce or rally per previous occasions on the chart.
Silver’s weekly chart again shows the detail of that support from 2017 and 2019.
As for big Tech, both Microsoft and Google were trading positive in pre-market despite small misses on earnings. That seems meaningful.
Unless the Fed goes renegade with a 1% hike (CME Group: 74% predict a .75% hike while 26% see 1%), the contrary potential for the markets – including the beaten down precious metals – continues to be in play.
