Summary: In Friday’s chart update, Jim Wyckoff and Kitco crunches the latest market moves. In gold, bears have a solid near-term advantage, especially on news of a strengthening dollar. Down nearly 5% for the week, gold is once again approaching its low set on April 16. However, there is strong support at that level for another wave of physical buying. Silver is also down slightly this Friday and getting closer to the $22 level. According to the technical charts, silver has solid support though at $21.12 and solid resistance at $23.50.
Platinum and palladium though show a different story – platinum bears and bulls are pretty balanced right now while palladium bulls are in the driver’s seat. Unlike gold, palladium is actually above its 200-day moving average. Read more…
