Silver - SLV

Silver is not shinning quite as bright today after a tough week. There does appear to be support building today in the $34 range a shorter-term support level established in March. Have all the speculators being shaken out of the silver tree and will the price move forward once again. The move back looks like a classic short-term retracement of about 62%. Watch for strength and the start of the next short-term leg up in the market to enter. Commodity price have once again shown their volatile nature, trading is silver will test you, be prepared to be quick and nimble at this point.

Barrick Gold

Barrick's purchase of Equinox has taken some shine off the world's largest gold producer. It is trading down to support of $46 as indicated by the blue line at the bottom. With gold well above $1500/oz will Barrick stay in the doldrums for long? Look for a move off the $46 support level to initiate a position, watch for the relative strength and MACD to turn upwards. If $46 is meaningfully broken look for support at the $44 level just above the 200 day moving average.