Citi "Bullish" Gold And Silver

Yesterday's daily reversal in gold and silver has prompted Citi's FX Technicals group into a bullish position targeting $1,335 for gold in the short-term.

Via Citi FX Technicals,

Silver marginally overshot the 76.4% retracement of the rally from the trend lows in May on the log scale chart

This retracement level came in at $19.65

Additionally Silver posted a bullish daily reversal and momentum has also crossed up from stretched levels

A close above $20.50-62 would add weight to these bullish indications

Gold also posted a bullish daily reversal at the lows yesterday

The candle is somewhat similar to that seen on 15 October (although that was not a reversal day so yesterday’s price action is more aggressive)

From the 15 October interim lows, Gold rallied $110 over 10 sessions.

The same this time if seen would put gold at $1,335.