Is Gold getting interesting? We saw a move in Silver yesterday that suggests so…
This is a segment of yesterday’s commentary:
“Ultimately gold remains within a medium term consolidation in a multi week up trend so buyers will likely appear at trend support.
Our Skew remains neutral awaiting 2 consecutive closes above 1328.2-31.6 to back the bulls, or a break below 1586.3 to turn short term bearish within the broad consolidation since May.”
And this is what we added to the mix in today’s commentary:
The dip below Fridays low was met by buyers at 1611.8 and finished the day higher after printing 1624.7. This is our first support this morning as gold is marginally higher in Asian trade. As we’ve referenced multiple times the 38.2% retracement at 1628.2 is capping the upside but sustained gains through this level and the series of high failures at 1631.6, 1635.4 and 1642.4 will see our Skew back the bulls.
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