The Daily Gold
The gold miners have broken below their 2008 to 2014 support while Silver is essentially trading at a six year low. Gold looks set to make a new monthly low and weekly low but has yet to break its daily low at $1140/oz. Barring a sudden short squeeze Gold could be hours or days away from cracking in the way Silver and the miners have in recent weeks. The trend for the sector is obviously down and sentiment is following. However, the more important issue for long term bulls is where is the strong support for these markets.
The monthly candle charts of Silver and Gold are below. I’ll start with Silver. It is losing key support at $15/oz. The next key support levels are in the low $13s and low $12s. Moving to Gold, note that Gold appears to have lost $1180/oz which has been a key support level for two years. The monthly chart shows that the next strong support levels are $1040 and $1000.
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