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Trend unbroken
Gold's uptrend line provided support again on Wednesday, and the yellow metal rose for the third day in a row on Thursday. Although the price has yet to surpass last week's high of $776.90, momentum as measured by RSI has turned upward and looks set to break its downtrend line near the 70 mark, so $780 should be well within the sights of gold.
Silver showed new strength on Thursday, popping above resistance at $14 briefly and closing just below it at $13.90, up 2.3% for the day, while gold only managed to rise 0.71%. Silver's RSI is also poised to break above its downtrend line, so a breakout by silver from its trading range looks imminent.
While GDX has also been rising, its RSI and MACD remain in more neutral territory, indicating that it may have work to do before tackling last week's high of $49.74.
The U.S. dollar continued its decline on Wednesday and Thursday, and MACD is making a second bearish crossover in quick succession. Further weakness in the dollar is indicated, and the gold price should benefit.
Gold's uptrend line provided support again on Wednesday, and the yellow metal rose for the third day in a row on Thursday. Although the price has yet to surpass last week's high of $776.90, momentum as measured by RSI has turned upward and looks set to break its downtrend line near the 70 mark, so $780 should be well within the sights of gold.
Silver showed new strength on Thursday, popping above resistance at $14 briefly and closing just below it at $13.90, up 2.3% for the day, while gold only managed to rise 0.71%. Silver's RSI is also poised to break above its downtrend line, so a breakout by silver from its trading range looks imminent.
While GDX has also been rising, its RSI and MACD remain in more neutral territory, indicating that it may have work to do before tackling last week's high of $49.74.
The U.S. dollar continued its decline on Wednesday and Thursday, and MACD is making a second bearish crossover in quick succession. Further weakness in the dollar is indicated, and the gold price should benefit.
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