Gold, Silver and USD charts – Short term PMs hanging on by a thread
Steve Penny, Publisher of the SilverChartist Report joins us to share some key charts for the precious metals. we start with the US Dollar bounce and if there is another leg higher in the near term. Recently the dollar and metals have been inversely correlated so this could be another short term headwind for gold.
We then shift to a daily chart for gold and silver to outline some key downside levels that both are at. The short terms are showing very oversold levels while the long term bullish trends are still in tact. We discuss what a breakdown further in gold and silver would do to the charts and where a reasonable bounce would take us.