Gold and silver at trendline support

Gold closed down nearly $26 on Thursday at its uptrend line. It would be bullish if gold bounced off it and RSI bounced off its 50% level, although MACD, having made a bearish crossover at a relatively high level, appears to have room to fall.

Fibonacci supports remain at $773 and $750, with the 50-day MA currently between them at a little over $760.

Silver, too, found support on Thursday at its adjusted trendline, and RSI is just above its 50% mark. A bounce here would be bullish, but as with gold, MACD has made a bearish crossover and has room to fall.

Solid suppport lies at the Fibonacci retracement level of $14, with the 50-day MA just below. Next Fibonacci support is just above $13.30, currently coinciding with the 200-day MA.

GDX closed Thursday just above support provided by its 50-day MA and the 50% Fibonacci retracement level at $46. Again, a bounce here would be bullish, but although MACD has declined significantly since its bearish crossover, it has some way to fall before reaching zero.

Next Fibonacci support is around $42.86.

Unfortunately for gold, the U.S. dollar doesn't appear to be done with its bounce. MACD has just made a bullish crossover, and the U.S. dollar index has yet to reach its first projected Fibonacci resistance level at about 76.6.