Above is a daily chart of gold and silver along with some basic swing and trendline analysis. As you can see both metals are making lower lows and lower highs which can mean only one thing, the current short-term trend is down.
For those of you who are bullish I would recommend waiting for the pattern of lower lows and lower highs to be broken. A move above the April 27th high would negate the downtrend and tilt the odds in favor of the bulls but until that happens the bears remain in control of these two metals.
Thursday, April 30, 2009
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