Gold gains ground as traders buy the dip. Rising Treasury yields and stronger dollar did not put any pressure on gold markets.
From the technical point of view, gold consolidates below historic highs, which means that a breakout is possible.
Silver
Silver 150824 Daily Chart
Silver rallied as gold/silver ratio pulled back towards the 86.50 level. In case gold/silver ratio continues to move lower, silver will get more support.
If silver stays above the $28.00 level, it will get to the test of the nearest resistance at $28.75 – $29.00.
Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.