$GLD and $SLV Prices as of May 6 2019 @moneymetals
10:05 AM
May 6, 2019 -- A strong bounce Friday in precious metals markets could lead to a follow-through rally this week.
Gold and silver prices had sold off around the Federal Reserve’s policy statement telegraphing no rate hikes or cuts for the foreseeable future. The silver market in particular suffered what appeared to be a major technical breakdown on Thursday.
On Friday, silver prices snapped back from the abyss, climbing about 2.5%.
The brief push below the lower bounds of the falling wedge pattern looks like a classic “bear trap.” Big institutional futures traders (who are now positioned bullishly) like to entice small speculators into getting on the wrong side of the trade just before letting the market run in the opposite direction.
The precious metals markets did all close lower for the week, however, so the bulls still have some proving to do.
Check out live precious metals prices here:
https://goo.gl/gy5XMA
Gold and silver prices had sold off around the Federal Reserve’s policy statement telegraphing no rate hikes or cuts for the foreseeable future. The silver market in particular suffered what appeared to be a major technical breakdown on Thursday.
On Friday, silver prices snapped back from the abyss, climbing about 2.5%.
The brief push below the lower bounds of the falling wedge pattern looks like a classic “bear trap.” Big institutional futures traders (who are now positioned bullishly) like to entice small speculators into getting on the wrong side of the trade just before letting the market run in the opposite direction.
The precious metals markets did all close lower for the week, however, so the bulls still have some proving to do.
Check out live precious metals prices here:
https://goo.gl/gy5XMA
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