Gold: The Bear Case...
If I were to try to make the bear case for precious metals, I'd have to point to these two charts as presenting the strongest arguments.
Comments: A bullish wedge with the RSI not confirming the recent downward price action. It looks like it is setting up to rally to the $86 to $88 area--if it can break out of the wedge. There is resistance between $82.5 and $84.
Comments: Silver looks VERY weak right now. MACD looks like it wants to roll over.
Coming to think of it, the HUI chart isn't looking all that swell right now either.
Comments: A bullish wedge with the RSI not confirming the recent downward price action. It looks like it is setting up to rally to the $86 to $88 area--if it can break out of the wedge. There is resistance between $82.5 and $84.
Comments: Silver looks VERY weak right now. MACD looks like it wants to roll over.
Coming to think of it, the HUI chart isn't looking all that swell right now either.
posted by Titan_of_Metals at 9:45 AM
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