We need to see Gold & Silver break these levels highlighted in yellow. If they cannot manage to go sideways or break through these levels, then we need to be looking for short positions.
Reasons For Entry:
1) Price is at Major level of Support
2) Price has been closing outside of the , Now we are waiting for a Close back inside the bands for entry.
3) Gold is sitting right on its 100 period and this may trigger some buying.
4) The Miners tend to be a leading indication of where Gold & Silver prices may go. The Miners are showing some strength here.
I will have a follow up idea to this one as soon as we get more data and see where price closes today. I'm not sure if price will rocket higher but I am expecting a small bounce here. We can only hope that Gold & Silver do not get rejected off of the zones highlighted in yellow as this could mean a further sell off. Thanks Traders and feel free to share your analysis or any questions you may have regarding this setup! good luck traders!!