Gold and silver look promisingGold was lower this morning, giving back a portion of recent gains. It has been steadily pushing higher since its recent low point last Thursday morning, when it traded down to levels last seen two months ago. Since last week’s low, gold has added around $100 an ounce, or 4%. And despite this morning’s weakness, it’s looking in much better health now, with the daily MACD starting to pick up off very oversold levels. It’s a similar story for silver, albeit a more volatile version. Silver added 6% from last Thursday’s low to yesterday’s high. But today’s sell-off has taken prices back below $31 per ounce. Silver is currently hovering around a mild support level of $30.80. If it can recover its poise and push back above $31, then it may find some support as its own daily MACD picks up from oversold levels. But if the pullback deepens, then the bulls should be concerned by any significant and protracted break below $30.
