by Alasdair MacLeod
Gold and silver continued their consolidation phase this week, but the undertone remained firm.
Technically, it is fair to assume that both metals are no longer overbought, though aside from Comex releases, this is difficult to prove statistically. But a glance at our introductory chart tells all, with gold and silver consolidating the previous rise by simply moving sideways.
The gold price rose $11 from last Friday’s close to trade at $1347 early in European trade this morning, while silver declined 14 cents over the same period to $19.57. Volumes on Comex have dropped off noticeably this month, consistent with the holiday season.