Stocks were higher all day long, making a rally of higher magnitude in gold less likely today. On the charts, gold continues to look weak, is below moving averages and tech indicators continue to look bearish. However, indicators are very, very, very oversold, and candlesticks hinted at a reversal pattern a couple of days ago. Expect some buyers to step in soon and some shorts to cover, and if you insist on being bullish, calls make a bit of sense right now. However, bulls should not buy futures until two consecutive closes above moving average resistance at 271.6.
Bears are still very much in charge.
Hmmm I suppose only time will tell. December Silver . Silver has been simply following lock-step with gold lower. The bears are in charge so bulls should wait until two consecutive closes over moving average resistance at 485.5 before buying futures. The symmetrical triangle that had built up in August, September and early October was broken to the downside a couple of weeks ago and prices have since made fresh yearly lows.