This correction indicated the Golden Ratio 61.8% Fibonacci retracement was completed at Thursday's lows for the gold and silver markets Friday GLD closing above the 200 MA is confirmation that the trend momentum remains bullish.. it is likely that we will see a short-term spike higher as the black boxes start to go into cover mode and then a longer-term price recovery. Time will tell if this marks the next bull market cycle of a move to higher highs.
Gold and Silver Climbed
Gold advanced 0.38 percent, or $6.31, to $1663.53. Expect gains in the SPDR Gold Shares physical bullion ETF (GLD).
Silver rose 0.88 percent, or $0.29, to $30.27. Expect increases in the iShares Silver Trust (SLV).