With great drama do these things unfold. The gold price (CFDs) is up a whopping 43 in pre-market. It has impaled initial resistance and is testing the down channel and the (death-crossed, ha ha ha *) moving averages. But this has been anticipated very possible, if not likely. Gold has obviously not broken the downtrend in force since the spring. It could easily do that, or it could just easily (IMO) pull back here.
I believe geopolitics may be involved here as I see headlines with words like “Putin” and phrases like “oil rises”. If it is due to inflammatory headlines, that is no fundamental favor for gold. On the bull side of the street, a break above the SMA 200 (1929.38) and the September high of 1953 that holds would break the downtrend.
The Silver price has impaled its first and very clear resistance zone. Also anticipated. The chart reminds us of the objectives, however. The death-crossed * moving averages, and then the September high of 23.77.
* For those newer to NFTRH, we have long observed that “Death” or “Golden” crosses of the 50 and 200 day moving averages usually result in a strong move in the direction opposite to the supposed warning. This tends to happen regardless of whether or not the signal will play out as TA robots expect, longer-term.
