Gold rallied strongly yesterday on a safe haven bid amid stock market turmoil. As the stock market was sinking lower, moving closer to its August lows, gold and silver in USD moved more than 2% higher. More interestingly, gold miners rallied more than 5% on the day.
The million dollar question is where we go from here. Let’s look at two charts to get an idea of gold’s and the miners’ outlook.
Chart-wise, the price of gold pierced a key resistance level at $1,150 USD/oz, which, until July of this year, was acting as a key support area.
This post was published at GoldSilverWorlds on September 25, 2015.
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