Gold has bounced nicely during the past sessions. Silver managed putting on a bounce as well, but is trading down today again.
Below are precious charts on the weekly charts.
Gold. 50 day average together with the psychologically important 1500 level held. Let’s see what happens next, as the last month’s price action has “disturbed” the bulls.
Silver has come down to the 100 day average. Despite all the “fundamental” reasons for buying silver, the chart is not overly positive. Weak hands are still selling out after getting sucked into the metal during last year’s momo buying panic.