Bearish Reversal in Gold and Silver

Precious metals ended a quiet week with quite a reversal. Gold surged above its 200-day moving average for the first time since November, only to lose the gains and then close below the 200-day moving average. Silver was already trading above its 200-day moving average before it moved higher but it then reversed strongly and even below its 200-day moving average. The miners, which have been much weaker than the metals were mostly unchanged but after opening higher. Today’s bearish reversal could signal an imminent decline in the entire complex or just signal that more time is needed before the next attempt at a breakout.
The Market Oracle

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