Gold and silver; these two precious metals have captured a lot of attention during the last year and both printed a strong rally last month. Was this rally due to the safe haven status of gold with silver following suit, or was it bottom fishing? Who knows! Is it a good time to invest in gold and silver, after all they are both at a 4 year low? Let’s investigate this further based on the technical factors of each chart.
Gold and Silver both are still in down trends on the monthly timeframe. Last month’s rally can be considered a normal pullback on this long term basis. The price has pulled back into the monthly chart moving average sell zone, an equilibrium area from which price is likely to take another move lower. The silver monthly chart is more bearish out of the two metals with the strong resistance at around 18.50 which halted last month’s rally.
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