Disliked{quote} Why would you consider Gold bullish worthy of a buy while thinking Silver is bearish and a short? For the most part they move in tandem, only the degree varies. BTW no big news to those who have seen my posts for a good long while I am still bearish on both. They are both still in corrective mode with lower lows more than likely to come.Ignored
With silver below $20 (a personal bearish barometer that I use), and daily silver RSI dropping back below support, I'm looking Southward for prices.
Yet on the other hand gold is above $1300 (a more general area personal bullish barometer), and its daily RSI has remained above the support line it broke above last week, which has me looking Northward.
Looking at another metal that has high correlation to gold, platinum (daily chart below) is right at long term support turned resistance (green-blue line), it's at the bear channel resistance (red), it's right at the 61.8% Fibonacci of the recent move down but was rejected from the 38.2% of the full move down but looks more likely at the moment to retest 38.2% than retest the 23.6%, and its broken through long-term daily RSI resistance and is channelling, but heading down, in a nearer-term bull RSI channel. It has to definitively break one way or the other any day now.
Without consensus among the precious metals, I'm limiting my trades to short-term RSI-based scalps. Tomorrow or next week should give us a clearer picture for the direction these metals are heading.
You can always make money tomorrow provided you don't lose it today.