Hourly Action In Gold From Trader Dan

Gold at the Comex looks like it was taking a bit of a breather after yesterday’s strong showing. The chart pattern indicates a market in a resting phase digesting its gains. If it sets back further, the former resistance zone near $1260 should provide some initial support as dip buyers look to first surface there. Below that is $1245.

Topside selling resistance still looks to be most likely near the $1285 level followed by round number resistance near $1300.

The silver market continues to generate a great deal of bullish excitement as it built on its impressive performance of yesterday. It worked quite hard today at accomplishing a close above $20.50. That is the first barrier that it must clear to effectively target a run towards $21. I do want to see it hold above this level tomorrow.

It has some support coming in on the chart near $20.25 followed by the zone near the 10 day moving average which is just below $20.

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