Gold Reverses On The Biggest Volume Of The Year, Silver Retests The Breakout Level

Independent Trader • Aug 5, 2019 at 1:00 AM EDT

Gold and silver continue to hold up well and look like they could be setting up for the next leg higher soon.

Gold and silver continue to hold up well and look like they could be setting up for the next leg higher soon. Gold reversed sharply on Thursday after getting hit late Wednesday after the Fed. The volume was very high on Thursday and gold also closed at the high of the day that day, and didn’t give up much of the gain on Friday. Notice how gold hasn’t come close to testing its Stage 2 breakout, which is a bullish sign.

Silver successfully re-tested its Stage 2 breakout last week and is holding the level so far. From a Stage Analysis perspective, silver needs to stay above the $15 level to hold the Stage 2 breakout.

Disclosure:

I am long SLV.

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