Gold - Get ready for the bounce
Silver appears to be leading gold over the last couple of days and has bounced back from it's recent low of 16.15.
Let's take a longer term look at gold than we did in the last post:
Gold has just touched the shorter term up trend line which has marked out the consolidating up trend over the past few months. Given that silver is leading now, I would expect gold to bounce off this line and have a very good day into the weekend, and possibly retest the strong resistance line at 1350-1360 in the next week or so.
With the consolidation in silver getting very close to a break out, this could mark the way for gold to also break through this resistance line once and for all.
For disclosure, I'm not a professional financial advisor and this is not investment advice, merely my own observations of the market and indexes, so do your own research.