Well, if the USD keeps having trouble, gold should run a bit higher, but call me crazy as I still don't expect too much more out of this rally. Nearby resistance is today's high of 294.5, with support at 285.2. In any event, I would look for two consecutive closes through these prices before initiating a futures trade. Silver opened lower and by the close was up 6.5 cents to settle at 509. At least the trading range in silver has widened, I think we were all falling asleep watching it trade in 3-cent ranges.
Silver continues to ride the coattails of gold as it chops around looking for a fresh story.
As I have been stating, prices still look like a choppy mess to me, and I choose to ride the fence on this one, but I do have a slightly bearish bias. Technical indicators are mixed but the market is above moving averages, and one could argue that there is an inverted head and shoulders formation. The next resistance area is 517, with support near 497.