Please see the notes written on the chart.
One thing I want to point out is the open interest numbers. They are basically staying flat which is being reflected in the inability of gold to clear the $1365 level with any sort of conviction. It tells me that specs are not convinced that gold is a buy right now. We need to see that change, which will be reflected by a strong build in the open interest, if this market is going to power higher any time soon. Remember, speculators drive markets and if there are not enough of them in the driver's seat, markets will languish.
There still appears to be decent demand coming in on the lows which is friendly and his holding price together, but we need more fund money flows coming in.
Same thing is going on in silver to a certain extent. It made it to $30 where I thought it would catch the attention of the momentum funds but it appears to be encountering some doubters at that level. I find that rather strange especially given the backwardation board structure.
The weekly silver chart looks good but you can detect that stubborn resistance at the $30 level.
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