Summary: As of this writing, gold currently stands at $1366, or a 4-week low. According to technical charts from Jim Wyckoff and Kitco, the gold bears have a near term advantage, but gold has solid support at the $1364 level, and strong resistance at the $1423 price level. That may be revised down if gold breaks its bottom support level. Silver is in a similar situation, with bears having a near-term advantage – solid support at $21.12 with solid resistance at $23 is the current projection. Silver stands at approximately $21.70 as of this writing. And while platinum and palladium are considered to be doing well compared to gold/silver, bears do have an advantage in those markets as well. Read more…
All Charts Courtesy of Jim Wyckoff and Kitco