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Gold & Silver Technically SpeakingChris Vermeulen Commodities continue to trade at their pivot points while the pressure rises! As mentioned in my last report precious metals are trading at support, this is referred to as a pivot point. With any luck we will see gold and silver rally Thursday and Friday, but it that fails I figure PMs will slide quickly to lower levels. I would like to note that today gold had some strange intraday movements. With today's bullish looking candle in gold (GLD) it was indicating that gold was bouncing off support which would trigger buyers for tomorrow. But some BIG sellers stepped in pulling prices back down to close below the mid point of today's price action. I cannot say I like seeing that happen. GLD Gold Bullion Fund Gold posted a nice intraday gain but gave it all back going into the close. This is not the best price action for higher prices but not much we can do. Let's see if prices hold up over our support trend line and continue the move up.  Gold Miner Stocks ETF Gold stocks took it on the chin yesterday with both gold moving lower and equities. The extra downward pressure caused a trend line break. Some damage was done but we still could get a bounce.  SLV Silver Bullion Fund Silver put in a nice bounce today while gold traded flat. I find silver moves more naturally than gold because it is not as popular. Silver's move higher today is a positive indicator showing us that there are buyers for gold, but unfortunately the bigger force pushed prices back down intraday.  Technical Traders Conclusion: The broad market put in a solid bounce today as buyers stepped back in to accumulate shares. Gold and silver are trying to find support to start a new leg higher. Silver is leading the way which is always a good sign for gold and gold stocks. ### If you would like to receive
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Service: You can sign up here. This article is intended solely for information purposes. The opinions are those of the author only. Please conduct further research and consult your financial advisor before making any investment/trading decision. No responsibility can be accepted for losses that may result as a consequence of trading on the basis of this analysis. 321gold Ltd |
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