Not out of the woods yet

Gold fell sharply intraday on Monday but found support at the uptrend line near $750 and closed down $8.40 at $760 — comfortably above support around $756 near the previous peak. On Tuesday gold recovered part of its losses, closing up $3.10.

RSI and MACD are both showing bearish divergences to the price, and MACD has made a second bearish crossover. Should the uptrend line be broken, next support would likely be around $730 again, and then at the rising 50-day MA, which is currently approaching $720.

Silver appears trapped for the moment in a trading range between about $13.31 and $14. RSI and MACD are also showing bearish divergences to the price.

On Monday, GDX fell back into its recent trading range but managed to pull itself out of it on Tuesday. However, RSI and MACD are both showing bearish divergences to price, although RSI is no longer indicating that GDX is overbought. MACD has made a second bearish crossover.

If support at the top of the trading range fails to hold, next support is at the bottom of the range, near $43. The rising 50-day MA is approaching that mark and could serve to reinforce the support there.

The U.S. dollar index rose sharply on Monday but gave up about half its gains on Tuesday to close at 77.57, just below the previous low of 77.66 made on Oct. 1. RSI is no longer oversold, and MACD is hugging its 9-day MA, so neither indicator is giving a clear signal of the dollar's next move.

Should the dollar bounce again, resistance is not far overhead at the broken trendline. This line has been redrawn to take into account more candlestick tails. $USD is now seen to have kissed it on the pullback earlier this month before resuming its decline.