Another day, another mauling in the precious metals markets. It's frustrating so I wanted to provide a brief update to yesterdays post. It's definitely 'mayday, mayday, mayday!' today.
https://steemit.com/steemsilvergold/@unclehermit/gold-and-silver-injured-but-still-in-the-game
As you can see, gold was hit today but continues to consolidate within the bullish flag formation range.
Similar to gold, silver is still maintained within the bullish wedge range as it continues to consolidate.
Both metals now need to see a significant bounce into the rest of the week. If they fall any further they will drop out of their respective ranges and we are likely to see a sustained downward move in the metals. Personally I'm expecting a bounce, but I wouldn't be prepared to trade it.
For disclosure, I'm not a professional financial advisor and this is not investment advice, merely my own observations of the market and indexes, so do your own research.
