Gold touched the fibonacci 61.8 retracement which provided support around the 1475 area.
Gold is trading above the short, medium and long term moving averages. They are also in sequence from short, mid, long. Bullish
There is a MACD histogram crossover to the upside. Bullish
Stochastics are overbought. Neutral
Both Gold and Silver may have a counter seasonal trend this year as the metals are trending higher in this last week of May. Seasonal trends are just the averages over the last 10, 15, 25, 30 years, etc... The precious metals markets do not always follow past history. With various European countries in bad fiscal shape, it may be the catalyst for more individuals, hedge funds and savvy wall street traders to get into Gold/Silver this summer....?
Here is another daily chart of Gold on the Think or Swim platform with a few 'study's' applied. The TTM_Squeeze histogram has trended up towards the 0 line and now has a red dot indicating a neutral area. The TTM_Wave is above 0, so a breakout to the upside may be the trend for the next week. Gold miners are also rallying, so swing traders may have a exciting week ahead...
To verify that the Gold and Silver miners are rallying with the PM prices, check out the GDX (Gold Miners Index), GDXJ (Junior Gold Miners) and SIL (Silver Miners). HUI and XAU also have most of the major Gold and Silver miners.
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