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Gold & Silver Update

Sunday, February 5, 2012 21:02

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StockTiger

GLD had run right up to the top parallel channel trendline before Friday’s dip.

The GDX gold miners ETF 60 min chart closed just at former resistance, now support and the 50 period EMA for short term if you are long GDX you may want to watch this chart. If it drops under this level, there may be support at the 200 period EMA below

The gold miners mechanical chart remains on a buy though it dipped on Friday. It has good gains since its last buy signal so consider protecting those.

Silver futures had run to and slightly over resistance and backed off. The short term projection level on a move back over takes it to the next resistance which is also a 127.2% rejection.

The silver ETF moved under its 20 period MA and under this short term parallel channel though it has held horizontally.

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