Coming up for air

June gold paused at the Fibonacci 38.2% retracement level on Friday. We may enjoy a brief respite before the plunge resumes.

GOLD (daily)

Upside: The Fib 38.2% level is supplying support. RSI has flattened out.

Resistance: 50-day MA, currently flat at about $942.

Downside: MACD has made a bearish crossover.

Support: Fib 50% level at about $843.

Bottom line: Gold may come up for air before resuming its decline.

SILVER (daily)

Upside: Silver made a bullish hammer candlestick on Friday. RSI rising.

Resistance: Purple line; flat 50-day MA, currently at $18.43.

Downside: MACD has made a bearish crossover.

Support: Past support in the $16.25-$16.75 range; rising 200-day MA, currently at $15.25.

Bottom line: Silver may bounce briefly before resuming its decline.

SILVER (weekly)

Support may be found at the bottom rail of the channel, near the Fibonacci 50% retracement level around $16.26.

GDX (daily)

Upside: RSI rising. GDX may test the breached 200-day MA from below.

Resistance: 200-day MA, currently at 45.87; volume-by-price bars show plenty of overhead resistance beyond that.

Downside: The gold-mining ETF collapsed out of the flag and through support at the rising 200-day MA.

Support: December low at $41.61.

Bottom line: GDX could bounce here but should soon resume its decline, which is unlikely to end before it reaches the vicinity of $41.

GDX (weekly)

Some support is apparent here, at the top of the purple channel, the rising 50-week MA and the Fibonacci 50% retracement level.

U.S. DOLLAR INDEX (daily)

Upside: After seven weeks, the index has broken back convincingly into the channel. RSI is back over 50. MACD is rising strongly.

Resistance: 50-day MA, currently just above at 72.89; top rail of channel.

Downside: Conceivable that the 50-day MA could hold the dollar back.

Support: Bottom rail of channel; recent lows above 71.

Bottom line: The dollar has formed a decent base from which to launch a rally, possibly to the top of the channel.