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Dollar bounce
The U.S. dollar index bounced slightly on Thursday after seven straight down days. After briefly dipping below the 30% mark, RSI has popped up above it, suggesting the dollar will rise further. First resistance may be at the Oct. 22 low of 77.09, and stronger resistance lies above at the Oct. 1 low of 77.66.
Gold touched $802.50 on Thursday before dipping to $786.60 intraday but recovered to close at $793.70, down $1.60 or just 0.2%. No obvious weakness is being shown by RSI and MACD, but some consolidation here would not be out of place.
As expected, the $14 area provided support to silver, which touched $13.98 intraday on Thursday but bounced from there to close at $14.32. RSI has been repelled twice at 70%, and a trading range may be forming here. A promising sign for silver is that its 50-day MA is just about to cross over its 200-day MA, confirming the bullish trend.
GDX plunged 3.52% Thursday, even further than the 2.64% decline recorded by the S&P 500 index. RSI and MACD continue to make bearish divergences from the price of the gold-mining ETF, indicating that a significant decline may be in store. Good support is expected at around $46.
The U.S. dollar index bounced slightly on Thursday after seven straight down days. After briefly dipping below the 30% mark, RSI has popped up above it, suggesting the dollar will rise further. First resistance may be at the Oct. 22 low of 77.09, and stronger resistance lies above at the Oct. 1 low of 77.66.
Gold touched $802.50 on Thursday before dipping to $786.60 intraday but recovered to close at $793.70, down $1.60 or just 0.2%. No obvious weakness is being shown by RSI and MACD, but some consolidation here would not be out of place.
As expected, the $14 area provided support to silver, which touched $13.98 intraday on Thursday but bounced from there to close at $14.32. RSI has been repelled twice at 70%, and a trading range may be forming here. A promising sign for silver is that its 50-day MA is just about to cross over its 200-day MA, confirming the bullish trend.
GDX plunged 3.52% Thursday, even further than the 2.64% decline recorded by the S&P 500 index. RSI and MACD continue to make bearish divergences from the price of the gold-mining ETF, indicating that a significant decline may be in store. Good support is expected at around $46.
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