Technical Commentary

 

Gold closed higher today, at 1249.50. Resistance comes in at 1264.20 (Feb high). Support is at 1229.50 - the 50% Fibo retracement level of the Feb High - March Low range, with near term support at 1237.70 (61.8% Fibo level). MACD and momentum indicators are bullish as gold appears poised to target the previous month’s high.

 

Silver ended basically unchanged today, at 17.57. Resistance is at 17.66 - the 50% Fibo retracement level of the Feb - March decline. Support is unchanged at 17.22 (23.6% Fibo level). I am bullish silver and only a close back below 17.46 (38.2% Fibo level) will change that view.

 

The gold-silver ratio closed higher today, at 71.12. Resistance is at 71.58 (Jan high) and support at 67.82 (recent low). I am bullish the ratio.