by Steve St. Angelo
In my newest Gold & Silver market update, I discuss the short-term technicals on the precious metals and what they reveal as a possible trend over the next several weeks. Both gold and silver are setting up into some interesting triangle technical formations. While silver is forming a weekly symmetrical triangle, gold on the daily chart is behaving more like a descending triangle.
However, this is just the short-term technicals, not the mid-longer term fundamentals, which continue to get stronger every day. Unless we see the U.S. government provide a new stimulus package, we will likely continue to see a precious metals consolidation. Although the insanity taking place in the Presidential Election and aftermath, it’s difficult to determine short price moves as the news coming from the media is way too volatile on the markets.