Early Technical Clue that Gold and Silver Prices Have Bottomed Out
Friday November 07, 2014 3:15 PM
(Kitco News) - December Comex gold and December Comex silver futures prices hit contract and four-year lows in early trading Friday.
However, both markets then made solid price rebounds to close higher and nearer their daily highs. Both gold and silver futures markets also produced daily trading ranges that had lower lows and higher highs than Thursday's trading session, with both creating a bullish "outside day" up on the daily bar chart, with their higher daily closes on Friday.
Importantly from a technical perspective, given that new contract lows were scored in both gold and silver futures Friday morning, the bullish outside days up are also termed a more technically significant bullish "key reversal" up. A key reversal up is one early, significant chart clue that at least a near-term market bottom is in place.
Better technical evidence of a market bottom being in place would be if there is follow-through upside price strength in the market the following trading session, which in this case is Monday.
Therefore, Monday's price action in the gold and silver markets will be very important.
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