A little daily chart micromanagement for you.
A live look at the futures shows gold bouncing a bit this morning, right into the new resistance zone. Gold will not even begin to exit its interim downtrend (to its uptrend from November, 2022) unless it takes out the daily EMA 20 (dotted line). It could also test the (blue) SMA 50 within an ongoing corrective cycle.
Silver, on the other hand, has done some significant corrective work to a point that would be normal for a correction to end. However, as noted in NFTRH 763, the preferred target would be a higher low to the March low at or below 21. But silver is bouncing as well this morning and as the leader, bears watching.
There is no rule that says the metals must correct to the preferred targets. As long as silver holds the SMA 200 it’s got a shot at ending its correction. Also, as already noted the risk/reward in the precious metals is greatly improved from a couple of months ago. Also of note, last week RSI came to a similar oversold reading to the one that sprung a bounce in late May. But it did not reach the level of O/S that it did in March, when the second significant rally leg began.