Silver’s recovery continues today even though momentum remains a bit weak. A short term bottom should be formed at 21.39 on bullish convergence condition in 4 hour MACD. That came after defending 21.41 support. Further rise should be seen as long as 22.17 minor support holds, to 55 day EMA (now at 23.18). Sustained break there will raise the chance that whole corrective pattern from 30.07 has completed as a five-wave descending triangle. However, break of 22.17 support will revive near term bearishness for another fall through 21.39.
Gold also strengthens mildly today and is back above 1800 handle. But it’s still limited below 1814.06 temporary top. For now, further rise is in favor as long as 1781.99 minor support holds. Break of 1814.06 will resume the rebound from 1752.32 short term bottom towards 1877.05 resistance. Firm break there will also raise that chance that whole corrective pattern from 2074.84 has completed. However, break of 1781.99 will revive near term bearishness for another fall through 1732.52.
