Perhaps unnoticed up to now is how weekly [gold] momentum has snuck back into positive territory starting last week after prices stabilized in early October and then rose. [Silver] is a much stronger market technically, having surpassed early September highs as compared to gold, and never seeing weekly momentum in negative territory this year. IFR's proprietary Trend Intensity study has upticked bullishly in gold the past two days and is set to do so again today even on flat performance. The market does have huge hurdles on weekly and monthly charts in the $641 to $651 region, so it is far from being out of the woods. As long as the T/I signal holds, expect $641-51 to be challenged.
In [oil], weekly momentum is starting to turn up based on activity seen the first few days of this week, the first sign of recovery on that time frame since prices first headed south. Combine that with a bullish divergence on daily charts, and hopes of a recovery never quite disappear. Trendline resistance is at $62.00 and $62.90 today and other technical studies show the $62 region as important resistance as well. Intraday supports have lined up in the $60.95-61.25 zone as volatility slows. Weekly bear trends turn neutral on Friday with a $60.20 or better close, but monthly bears are safe.
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