"Technically, the gold bulls have the solid overall near-term technical advantage. A three-month-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in October futures above solid resistance at $1,600.00. Bears' next near-term downside price breakout objective is pushing December futures prices below solid technical support at $1,500.00. First resistance is seen at the overnight high of $1,559.80 and then at this week’s high of 1,565.00. First support is seen at today’s low of $1,542.70 and then at this week’s low of $1,534.80."
And on silver this, "December silver futures bulls have the strong overall near-term technical advantage. Prices are in an accelerating three-month-old uptrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $19.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at this week’s low of $17.64. First resistance is seen at the overnight high of $18.75 and then at $19.00. Next support is seen at the overnight low of $18.41 and then at $18.17"
Looks good for both but I dunno about silver, even at $20/oz feels worthless compared to gold. Is it simply going up a bit because gold has?
MEI Price at posting:
5.5¢ Sentiment: Buy Disclosure: Held
