Gold and Silver Continues to Retrace?

Hi All,

This is just a quick update on Gold and Silver. Like it or not, both of these precious metals are highly correlated and it is not at all surprising to see them behave in similar patterns.

02 May - Gold 4 Hr

Gold Price (Click on image for larger view)

02 May - Silver 4 Hr

Silver Price (Click on image for larger view)

Anyway, while my long term view for both of them are bearish, my near term bias is that price will continue to retrace north before it is ready to sink again. As I write, both Gold and Silver are showing some nice short term upward channels.

The only thing that really bothers me is that Non-Farm is just around the corner and that can completely flip my analysis. As I mentioned in the past, I do not keep track of fundamentals. However, market sentiment could change pending on the numbers reported. Also, fortunately (or unfortunately), Non-Farm numbers do carry some weight.

Thank you for reading and happy reading.

 

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