A daily chart view for short-term reference.
Gold has bounced to the SMA 50 and resistance associated with that area. Option 1: Bounce failure. Option 2: Break on through to the other side for a meeting with the SMA 200 at 1841.
Silver has halted at the first resistance area, which includes the hard diving SMA 50. With the power of the recent negative sentiment profile I would not be surprised if silver takes out this area in order to test the even more important 22 area resistance. But as yet, it’s just the minimum expected bounce to the SMA 50.
Bottom Line
Neither precious metal has exited its correction yet despite the vigorous bounce.
I would like to see Gold take out the 38.2 Fib at 1837.80 on the daily and close above it for a couple days. There was solid support there from mid-May to end of June. Now it’s solid resistance so would be nice to see an ascent and perch above there.
Then awaits the SMA 200 at 1841. I think the clearest ‘get out of jail’ marker would be to clear 1880 and that right shoulder cluster of activity from May-June.