Gold - Get ready for the bounce
Gold - Get ready for the bounce
Silver appears to be leading gold over the last couple of days and has bounced back from it's recent low of 16.15.
Let's take a longer term look at gold than we did in the last post:
Gold
Gold has just touched the shorter term up trend line which has marked out the consolidating up trend over the past few months. Given that silver is leading now, I would expect gold to bounce off this line and have a very good day into the weekend, and possibly retest the strong resistance line at 1350-1360 in the next week or so.
With the consolidation in silver getting very close to a break out, this could mark the way for gold to also break through this resistance line once and for all.
For disclosure, I'm not a professional financial advisor and this is not investment advice, merely my own observations of the market and indexes, so do your own research.
Thank you for your continued support of SteemSilverGold
It is funny that silver always trails gold and now the opposite is happening. Wouldn't it show a silver false strenght?
Possibly, although when silver has led in the recent past, it has resulted in a more sustained gold move.