Gold is holding support #1 in what could be a bear flag with fading volume. It did, however, hold a valid support area. I’d still ultimately think about support in the 1800 area. But we’ll see what the market thinks.
Silver is curling upward from its very valid support at 22, as we had anticipated. But don’t discount the possibility of a test of the 21 area, possibly after a bounce.
Last but maybe least, ES (SPX futures) is holding support despite a grinding week that has not felt very good. The Q4-Q1 play is still on, pending support.
On a related note, mid-February is on average a tough time and with sentiment so over-bullish into this week it is logical that there be volatility at least. But the rally is still technically indicated to be intact.
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And next week we get a CPI report Tuesday (happy Valentine’s day!) and OPEX is next week too.
Keeps life interesting, eh? :-)
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