Given that i drew some lines on some gold and silver charts on the weekend and liked what i saw, i thought the least i could do was share them with you.
Gold: I have attached two daily gold charts, one is a close up, the other is a longer term view. A look at the longer term view chart paints a pretty positive picture for the future of the shiniest of all shiny metals. Not only do we have a great channel in support, we have solid horizontal support at 890/900, we have the stochastic and rsi turning up from oversold levels and the 50 day MA is acting as a great support also.
If you now look at the close up view, the only thing i don’t like is that the 5 is below the 15. This makes me think we will see some more 900/950 before we take out the old high at 1035. Look to add to longs on dips to 910 and 890 with a stop below 870. At worst gold will come back to 830 and we will try again there!
