Wednesday, May 31, 8:27 am EST. Well, gold is up a bit, and silver is off a smidge. Prices are still bouncing around, and I expect the miners will do the same.

There’s nothing really going on just yet, and technically, the charts show near-term support and resistance that is making prices bounce around much like a pinball.

So, let’s not be the least bit concerned, and continue to watch and wait, as there will be a move at some point in the future, as either this support, or this resistance, will be broken. Then there will be some opportunity, perhaps, to put on a trade.

I’ll update the timer, and perhaps draw some lines… maybe, between the two, I might be able to hazard some kind of a guess as to when we might be able to expect a real move to commence.

Harold

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2 thoughts on “Bounce Again?

  1. It appears the likelyhood of a FED rate increase at the mid June meeting is high. What impact would that have on Gold ? Stronger US $ ?

    Is a US rate increase factored in already ?

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  2. There never has to be any direct correlation. The metals can move for any number of reasons, good and bad. Whenever anything is expected, it’s priced in pretty much no matter what market we’re speaking of. A rate hike is a fundamental matter, and try to maintain my focus on the technical. Harold

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