We continue to mention a possibly favorable entry point in Gold, with the price continuing to consolidate just above what looks to be long-term support. It has not bounced the way we have hoped it would yet, but it remains interesting at these levels and could especially be a near-term trading option should the stock market finally pull back (see chart below).
Gold and Silver Index
The “technically interesting” label applies to the Gold and Silver Index, as well. It has pulled back to support from a line connecting the December 2016 and July 2017 lows and this could force the precious metals to bounce. Of course, caution would be heavily-advised if the index breaks below that support line (see chart below).