08 December 2014

Gold Daily and Silver Weekly Charts - Been Down So Long It Looks Like Up

Gold got quite a pop intraday, as repeated attempts to take gold below the key support at 1190 failed.

Oil was down, stocks were down, but gold was not going lower.

And so the metals bears seemed to throw in the towel, and gold rebounded sharply running almost straight up towards the 1210 level.

I thought this was almost certainly a 'technical bounce' with a little flight to safety sprinkled in.

Gold needs to break out of this pattern. I have included a closeup of the relevant part of the chart so you can see the levels.

Have a pleasant evening.