Gold and silver - out of synch
Gold was lower first thing this morning, and had given back most of its gains from Monday and Tuesday. It appeared to have found decent support this week following last week’s aggressive sell-off which saw the metal slump from a record high of $2,450 last Monday to $2,325 by Friday morning. But it still remains some way below $2,400, and even further away from the record high of $2,450 hit just over a week ago. This may concern some gold bulls, particularly as the MACD on the daily chart has turned down again, indicating that the momentum is currently to the downside. Silver was a touch weaker first thing, but it made up lost ground and was effectively unchanged at the time of writing. In contrast to gold, silver has been on a roll since Friday. Prices have rallied despite a daily MACD which continues to hover around ‘overbought’ levels. Could this be a prelude to a dip which would help reset the MACD and bring silver in line with gold, or will gold catch up to silver? Most likely, silver and gold will continue to do their own thing and thereby provide the most amount of confusion to the largest number of traders.
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