This weeks technicals generally look more positive for gold and silver. This risk to the downside is fairly limited and we seem to be building a constructive base for a large move higher.
Gold weekly (in $AUD) click on chart for larger view
In Australian dollar terms the gold technicals are very bullish. Last week we tested resistance at $1076 and have bounced nicely to $1150. A break of $1168 could see $1225 very quickly.
Gold daily (in AUD) click on chart for larger view
The daily chart shows how gold has regained its uptrend from mid September. $1142 should hold some resistance next week.
Silver weekly (in USD)click on chart for larger view
We can see that silver is again holding its uptrend support from October 2001. $8.93 is a critical level to hold.
Silver daily (in USD)click on chart for larger view
The daily chart shows some short term strength and if next week we can break the $9.60 downtrend line we could see a rapid move to $10.50.
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