Gold and Silver Update – 24 Aug

Well, gold and silver really followed through on the down day yesterday with even larger percentage moves today. Gold fell all the way down into the primary trend channel and the Fibonacci 38.2% retrace level. Also, price has found support at the 18 day moving average, the initial target after losing the stochastic embed. Volume is still increasing to the downside and tells me we likely have lower to go yet before the correction is over.

PHYS has nearly an identical situation. What I like about this chart is the gap sitting there beckoning price to come and visit 14.50. I am a buyer in that gap with a limit order at 14.40. I would love to trigger tomorrow. RSI is already neutral and stochastic is no longer over-bought.

SLV is really coming along nicely and working toward my entry point around 36, again in a gap that will definitely fill. I will likely buy the Jan 12 45 or 50 call at that point.

This entry was posted in Gold, Matrix Sentry TA, Silver. Bookmark the permalink.

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