I don't know whether or not to be happy with today. I thought we'd trade higher overnight...we didn't. I feared we'd trade lower during the day...we didn't. The metals ended up mixed with silver slightly higher and gold modestly lower. Ho-hum. For an option expiration day (gold) and a settlement day (silver), I guess we should be pleased that the damage wasn't any worse.
In fact, today's CME notice showed us that, as of Friday, the Comex still had to settle 388 March contracts today. I guess they got it done. Perhaps this was part of the reason for the rebound in silver today as March contract holders got their JPM$ and rolled into May?
So here are your charts for today. First, here's a 2-hour gold followed by a 1-hour gold. Note that we are rangebound but that, within the range, it looks more like it wants to go lower than higher. We need to push thru 1425 and above 1430 to make me short-term excited.
major support at 35.75.