Near resistance

Gold managed to bounce from the vicinity of its Fibonacci 50% retracement level to the vicinity of its 38.2% retracement level, where former support may be expected to offer resistance.

GOLD (daily)

Upside: RSI still rising, hasn't reached 50 yet. MACD making a bullish crossover.

Resistance: Fib 38.2% level at about $888; round number at $900; falling 50-day MA, currently near $929.

Downside: Resistance immediately overhead. Friday's doji candlestick resembles a bearish hanging man.

Support: Fib 50% level at about $843; 200-day MA, currently near $829.

Bottom line: Gold showing signs of strength but could trade choppily in a range as it bumps against overhead resistance.

SILVER (daily)

Upside: RSI hasn't reached 50 yet. MACD making a bullish crossover.

Resistance: Magenta line; declining 50-day MA, currently at $18.14.

Downside: RSI flattening out. MACD's slope rather gentle, so crossover doesn't look particularly convincing. Friday's doji candlestick resembles a bearish hanging man.

Support: Rising 200-day MA, currently at $15.43.

Bottom line: Silver has been trading in a range between about $16.50 and a little above $17. It faces a fair amount of overhead resistance.

GDX (daily)

Upside: MACD has made a bullish crossover.

Resistance: Bottom rail of red channel; falling 50-day MA, currently near $49.

Downside: GDX closed just beneath the flat 200-day MA on Friday, forming a candlestick that resembles a bearish hanging man. RSI is being repelled at 50.

Support: Double bottom at $41.61.

Bottom line: GDX showing strength but faces significant overhead resistance.

U.S. DOLLAR INDEX (daily)

Upside: No clear indication.

Resistance: Thursday's high of 73.89; top rail of channel.

Downside: Thursday's doji candlestick resembles a bearish shooting star. RSI may be forming a head and shoulders. MACD-Histogram declining.

Support: 50-day MA, which is flattening out and currently at 72.44; bottom rail of channel.

Bottom line: Dollar's upward momentum seems to be flagging.