Summary: Technical charts for gold, silver, platinum and palladium from Jim Wyckoff and Kitco provide some perspective on support levels and other key indicators. According to the gold chart, bears still have the advantage in the near-term, but that bulls are trying to stabilize the market. If gold ends the week on a high note, it could mean a bottom has been reached. Same is true with silver – “Weekly high close would begin to hint at bottom.”
Platinum and palladium markets are in a similar situation. While trendlines are still pointing down, Wyckoff’s chart indicates platinum has solid support at $1374 and solid resistance at $1500. But if either metals can end the week on a high not, it could mean a bottom is forming. Read more…
Chart courtesy of Jim Wyckoff and Kitco
Chart courtesy of Jim Wyckoff and Kitco
Chart courtesy of Jim Wyckoff and Kitco
Chart courtesy of Jim Wyckoff and Kitco