Precious metals - quick update after today's fall
Another day, another mauling in the precious metals markets. It's frustrating so I wanted to provide a brief update to yesterdays post. It's definitely 'mayday, mayday, mayday!' today.
https://steemit.com/steemsilvergold/@unclehermit/gold-and-silver-injured-but-still-in-the-game
Gold:
As you can see, gold was hit today but continues to consolidate within the bullish flag formation range.
Silver:
Similar to gold, silver is still maintained within the bullish wedge range as it continues to consolidate.
Both metals now need to see a significant bounce into the rest of the week. If they fall any further they will drop out of their respective ranges and we are likely to see a sustained downward move in the metals. Personally I'm expecting a bounce, but I wouldn't be prepared to trade it.
For disclosure, I'm not a professional financial advisor and this is not investment advice, merely my own observations of the market and indexes, so do your own research.