One for the money, two for the show, three to get ready go bears go!
After several attempts at breaking the $1850 per ounce level the BEARS finally get the job done.
Is that it?
The Bears did manage to strike briefly below the lower Bollinger band before gold futures settled slightly within the lower band.
If there is any follow through then certainly the BEARS could push gold down to the 1780s level. However, if the lower Bollinger band is the target, then I would expect some closing of short positions.
Silver did break the low of the BIDEN WINS down bar of several weeks ago.
On the technical chart silver is still trading within the Bollinger bands which have been tightening for the past several weeks. As bad as today was, not a whole lot of damage in silver, yet!
The price is below the 18 day moving average and the stochastic is still pointing down, both of which are bearish and yet silver remains range bound in a sideways pattern.
Ugly! GDX closed slightly above the lower Bollinger band, is trading below the 18 day moving average and the stochastic shows zero sign of life.
Remember when GDX hit a HIGH of $38.35 on Friday the 13th and I mentioned that the moon phase was changing?
Do you remember when I opined that perhaps this would be a local HIGH?
@handofzara/a-weekly-look-at-gold-and-silver
Well all I can say is:
Do you remember when, on Election Day, I said to expect volatility in the markets? Do you remember when I said it would be weeks before we know who won the Election?
@handofzara/is-gold-dancing-with-moon-beams
Has President Trump conceded the race yet?
FUN TIMES!
Relax, grab a beer, and buy some physical silver!
When is a good time to buy physical silver? Anytime! (Not advice just an observation)
Peace out and stack on!