Quote:
Originally Posted by FakeNameChanged
Gold looks to me like it's trying to make a bottom. It has been below its 250 day EMA for a few days, and closed above it yesterday. I need to see it close above its 20 MA to get interested. But it's made several of these head fakes in the recent past. Usually, the 250 day has been fairly reliable where it bounces. if the tech sector drags the whole market down, then it may be on.
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I may have been a bit premature about trying to make a bottom. Gold dropped below its 250 day average for the last four days. It sits closer to a 375 day average, not that it has any meaning. The 8 day EMA has crossed below the 250 day, and the 20 day MA is about to do the same. Wrong direction for a bullish case on gold.
Silver, still looks neutral to mildly bullish in comparison but needs to overtake the high close on Feb1 of $29.42 to make its case. That high on Feb 1, overtook the previous closing high back on Aug 10, 2020, by a small amount. Surprisingly, that was approx. the same date for a high water mark for Gold back in August.
If the dollar continues to strengthen, then the metals both look to continue down (gold) or tread water (silver). All reports on the news is the economy is strengthening, which bodes well for the dollar IMO.
