Gold continues to be range bound between its last HIGH of $2078 per ounce and its previous lows of $1874.20. As long as these two points hold on the chart, gold is range bound!
Break either of these two points then it's Katie bar the Door!
The wild roller coaster ride may be coming towards an end as gold settles into an ever tightening range.
Gold pretty much settled today where is began yesterday.
On the Weekly Chart, despite the wild rides of earlier this week gold end down only a few dollars.
Silver closed down for the day, but just like gold it is getting into a tighter trading range.
The Weekly Chart illustrates the tightening range in silver.
GDX had a down day. The Bears appear to be in control with the lower Bollinger band as a target.
The precious metals are forming an ever tighter range and from tight ranges come big moves.
The question always is what direction that move will be, either up or down?
At this point your guess is just as good as any other analyst, hell flip a coin it might as be just a good of a bet as any.
The prudent move is to stand aside and wait for the market to show which way the wind blows.
Enjoy the weekend!
Peace out and stack on!