The next important turning point will be the week of the 29th. Using the Globex rather than the CSI perpetual synthetic contracts, we did not elect the reversals on Friday. Basis the May in Silver, we need a daily closing above 23.98 to infer a temporary low and a rally will unfold first before a resumption of the downtrend. A closing below 22.82 will signal a resumption of the downtrend is possible.
In June Gold, a closing ABOVE 1448.6 is required to stabilize gold short-term. Closing resistance will start at 1413.5 on a technical basis. A closing below 1380.7 will signal a resumption of the downtrend should be expected. Resistance starts at 1430,0. If June closes above Friday’s high 1424.7, then gold can rally up to the Weekly Bearish Reversal it elected at 1521 suck every in and then resume the decline. Only a daily closing back ABOVE 1569 on June would imply a temporary low.
