Gold chart looking constructive
Gold was a touch weaker in early trade this morning, but still managed to hold above $2,400. Silver was also on the backfoot first thing. But both metals rallied off their lows as the trading session progressed. Gold, and to a lesser extent silver, got a boost from last week’s unexpected improvement in US inflation, as measured by CPI. Gold has managed to hold on to those gains and consolidate at higher levels. The chart looks constructive from a bullish perspective. The area around $2,300 has been tested as support on several occasions since April, with the last attempt at a breakdown coming at the end of June. But it has held up well, and the daily MACD is pushing higher as gold moves further above $2,400. Silver’s chart is more opaque, and it still has to clear $31 convincingly before it can make further progress.
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