Technically, the near term trend is still bearish on the daily chart for Comex Feb gold futures.
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The near term trend remains bearish, but the market is showing signs of stabilizing above the spike low.
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The near term trend remains down, but the market has hit major long-term moving average support and momentum tools hit oversold levels and are trying to turn higher, which is a traditional buy signal.
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If that breaks, which the near term trend pattern suggests it will, the U.S. dollar will be vulnerable to a retest of the Oct. 17 low at 78.93 and the Sept. 14 low at 78.60.
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Technically, the near term trend remains down.
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Technically, to confirm an actual bottom on the daily chart and turn the near term technical trend bullish, the market would need to close above that ceiling.
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Despite the damage to the near-term trend, gold bulls can take heart that the two-day sell-off only brings the price down to where it was a week ago.
The bulls are battling right now to gain firm control of the near-term technical trend.
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The near-term price trend in crude oil futures remains up.
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The U.S. dollar bulls still hold the overall near-term technical advantage to suggest the index can continue to trend higher in the near term.
" The bottom line, they wrote, "is that Netflix has yet to break its near-term or long-term trend lines, " and "until it does we would not consider Netflix to be topping.
Nordvig argues the medium-term trend may be punctuated by economic weakness in the near-term, particularly as second quarter economic indicators are released.
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Such would suggest the silver market has put in a near-term low and prices can then trend higher.
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The U.S. dollar bulls have technical strength to suggest the dollar index can continue to trend higher in the near term.
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The U.S. dollar bulls still have technical strength to suggest the dollar index can continue to trend higher in the near term.
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The U.S. dollar bulls have solid technical strength to suggest the dollar index can continue to trend higher in the near term.
The U.S. dollar bulls have good technical strength to suggest the dollar index can continue to trend higher in the near term.
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The U.S. dollar bulls have upside technical momentum to suggest the dollar index can continue to trend higher in the near term.
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The U.S. dollar bulls still have solid technical strength to suggest the dollar index can continue to trend higher in the near term.
The U.S. dollar bulls still have upside technical momentum to suggest the dollar index can continue to trend higher in the near term.
The U.S. dollar bulls continue to hold the solid technical advantage to suggest the index can continue to trend higher in the near term.
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However, if crude starts to trend lower in the near term, that would likely at least limit the upside in gold and silver.
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Tom Pawlicki, precious metals analyst at MFGlobal, said precious metals are expected to keep the mixed-to-lower price trend in the near-term as investors appetite for risk improved.
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If crude oil prices continue to trend higher in the near term, that could spark fresh speculative money to flow into the raw commodity sector, including the precious metals.
Importantly, if crude oil prices continue to trend higher in the near term, that could spark fresh speculative money to flow into the raw commodity sector, including the precious metals.
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Such would suggest the silver market has put in a near-term low and prices can continue to trend higher.
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"We expect the choppiness in the data to persist in the near term, but look for the broader underlying trend in both the quarterly national index and the monthly composite-20 index to remain positive, " Chen says.
During the near term, a continuation of this short-covering trend could translate to additional upside for the shares.
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The U.S. dollar bulls still have good technical strength to suggest the dollar index can continue to trend sideways to higher in the near term.
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