Overview of the silver and GOLD PRICE this week says that they completed those falling wedges, made final bottoms for this move, and have begun moving higher.
GOLD PRICE today rose $4.40 to $1,664.00 while silver gained 14 cents to 3134.7c. Notice that this week (a) gold never closed below $1,630 and (b) silver spent only 3 days below 3100c.
Yesterday GOLD cracked the upper boundary of that falling wedge — “broke out” — and confirmed that today with a higher close. Yet once burned, twice shy, so I want to see gold clear $1,682 resistance to PROVE it has turned up, then keep marching right along and climb over that 200 DMA at $1,698.17. Looks good, but I’m holding my breath. Why? Because it still might drop back to the bottom boundary of that wedge, now about $1,600.