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TheStreet Open House

For Gold and Silver, Critical Support Holds

NEW YORK (TheStreet) -- A quick note first: you can access my Daily Trade Ideas for free for a few more days using the password: cash

You can also get my real-time trade alerts at @iTraderz. Please do take advantage of this to learn a bit more about how I trade -- or, in this market, how I don't trade much.


Another volatile week for markets. Leading stocks are being battered. Most earnings numbers, even if good, are causing large selloffs, even after a large initial gap higher.

It remains a dangerous market, with not much for investors to do.

A lot of investors and traders don't understand that there is a time to be out of things and wait. There is a time to play offense and a time to play defense.

As for gold and silver, they may have found lows now by a thread, but a few more days is really needed before I can be sure. Let's check the precious metals charts.

Gold (GLD) gained 0.70% and held the 100-day moving average and $1,280 level very well on high volume, which is key. When something breaks major support and comes back to close the day back above that level on high volume, it is very positive.

Now we are near a breakout above the downtrend line, which would be a buy signal right at the $1,310 level.

Great stuff from gold just as things were looking dire. Had we broken just a bit lower I'd be singing a much different tune.

But even more important is how silver acted. So let's check it out.

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