Gold briefly climbs above the Sept 12 high. Silver up 3%

Technical Analysis

Gold higher for third day

Gold touched $1527 in a spurt of buying a short time ago.

Buy stops were hit above the Sept 12 high of $1524. The break is a good sign that gold has formed a base above $1480. A close above $1524 would be further confirmation.

Silver has similarly sprung above the Sept 12 high of $18.47 but it’s come in a quick move, unlike gold which did most of the climb on Friday.

The technical dynamics are the same as gold as basing ahead of $17.0 has held and we see a fresh round of buying.

silver

 

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