$GLD and $SLV Prices as of August 6 2018 @moneymetals
8:51 AM
August 6, 2018 -- Precious metals markets continue to struggle through the dog days of summer, but a seasonal upturn may be in sight.
Gold’s chart is at an important technical juncture. The weekly RSI relative strength indicator shows the gold market as oversold as it was in late 2016 – which turned out to be a major price bottom.
Gold and silver have each consecutively tested lower-bound support levels over the past three weeks. Although no real upside momentum is manifesting, the downside momentum may at least be abating.
Bearish speculators hold historically large short positions on gold in the COMEX futures market.
When too many traders line up on one side of the trade, markets have a tendency to wash them out by swinging the other way.
A close above the upper bound of gold’s three-week trading range at $1,240/oz should begin to force short sellers out of their positions and reinvigorate bulls.
Check out live precious metals prices here:
https://goo.gl/sggYF1
Gold’s chart is at an important technical juncture. The weekly RSI relative strength indicator shows the gold market as oversold as it was in late 2016 – which turned out to be a major price bottom.
Gold and silver have each consecutively tested lower-bound support levels over the past three weeks. Although no real upside momentum is manifesting, the downside momentum may at least be abating.
Bearish speculators hold historically large short positions on gold in the COMEX futures market.
When too many traders line up on one side of the trade, markets have a tendency to wash them out by swinging the other way.
A close above the upper bound of gold’s three-week trading range at $1,240/oz should begin to force short sellers out of their positions and reinvigorate bulls.
Check out live precious metals prices here:
https://goo.gl/sggYF1
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