Please, if updates like these make your head spin, consider taking them with a grain of salt or putting them in the ‘low priority’ file. We are simply managing the twists, turns and squiggles of a correction that we anticipated ahead of time and it is all still on track to original plans. I enjoy daily minutia (when I have time), but don’t want to add too much noise to your process.
The main analysis is that we are managing a bull market that ultimately would have significantly higher to go.
Gold is trying to find support at the first logical level as defined by the June, 2022 highs. I’d continue to anticipate a pullback to at least the hard rising SMA 50 (blue) if not clear visual support at 1800-1820 or even the SMA 200 (1784). Not a prediction, just what I am staying prepared for.
Silver has stopped at the first key support area, which is the 22 (+/-) level that was so important to break through on the way up. It’s valid support, but it too has more support at its SMA 200 around 21.
Gold/Silver remains halted at the 200 day average. Again, a continued rise along with USD would be negative for most things not named Uncle Buck and a pullback from here would signal pressure relief.
USD is still floundering around the short-term resistance of the SMA 50. If GSR breaks through its SMA 200 we’d expect USD to go for a test of its SMA 200 at 106. If they break down again, it’s pressure relief.
