Gold And Silver Get Short Term Oversold Bounce

The chart below provides a technical picture on the short term gold and silver price move(s), based on the Gold SPDR ETF (GLD) and the Silver ETF (SLV). Both ETF’s are a benchmark for the metals and are widely used in technical analysis.

The Gold SPDR got a big bounce on the 26th, but remains in a downtrend overall. The upper line of the Raff Regression Channel marks the first resistance area in the 115.2 area. I will leave key resistance in the 116-116.5 area for now. The Silver ETF has resistance in the 15.5-15.7 area.

GLD_Price_chart_26_December_2014

Courtesy of StockCharts.

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