The charts for gold and silver continue to look very positive and this looks like a good point to buy the sector after the correction of the past month.
Our recent missives have been near-term negative for Gold, at least technically so, an eye to the 2247-2171 zone apropos. As it all goes wrong economically, ’tis good to have a little (or a lotta) Gold.
The market has broken the short-term downtrend. In order to break this pattern you'd have to get back under $2320. That would be the number you have to break the support.
Rising indirect taxes on goods used by masses in most countries. Gold and only physical gold is the best hedge against the multiplier effect of rising income inequality.
If it stays just like this and gets over $2352.30, that would give you higher lows and higher highs – and if you close $2350.80 it turns into an all-buy signal.
Quarter-end position squaring and rebuilding will start from today and continue for the next two weeks. Gold and silver are holding key short-term supports.
The best performing precious metal for the past week was gold, up 1.00%. The World Gold Council (WGC) published its gold ETF flow data for May this week.
