I’m still not convinced gold and silver are breaking down, just yet. The 4-hour gold chart is trying to reverse near the $1275 level. An intra-day bullish engulfing candle formed after gold struck $1273. The MACD (bottom indicator) is crossing over bullishly with a mildly positive divergence.
4-HOUR GOLD CHART: To support a rebound and possible rally to $1360 – $1380 or higher gold has to keep today’s low and then close above $1285 and $1315. Slipping below $1270 would support an immediate breakdown to $1225 – $1250.