Following a robust rally last week, both Gold and Silver seem to be taking a breather, moving into a consolidation phase in today’s trading session.
Gold, in particular, seems to be encountering resistance around the much-watched 2000 psychological mark. But still, as long as 1907.99 support holds, bullish outlook is unchanged. That is, corrective fall from 2062.95 has completed with three waves down to 1810.26. Break of 1997.00 will resume the rise from there to retest 2062.95 resistance.
Meanwhile, Silver’s ascent last week was somewhat tempered compared to Gold’s. Nevertheless, the favored case is that corrective fall from 26.12 has completed with three waves down to 20.67 already. Further rise is expected as long as 22.26 support holds, to 25.00 structural resistance next. Firm break there will bring retest of 26.12 high.
