Silver Fails at $26 Again & Gold Resistance at $2200
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The Fed giveth and the market taketh away. After a Fed induced rally, Gold reversed around $2200 but now has immediate at $2150. A retest of the break above $2100 is definitely possible.
Meanwhile, Silver could test its 200-day moving average at $23.51. Silver clearing $26 remains an important threshold for the entire sector.
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Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets. He is also the author of the 2015 book, The Coming Renewal of Gold’s Secular Bull Market which is available for free. TheDailyGold.com was recently named one of the top 50 Investment Blogs by DailyReckoning and WalletHub.
