2016 November – Gold/Silver bounced off, $SPY searching for support

Both gold and silver are following similar pattern: having bounced off mid/long term bottom, while an uncertain US election is keeping it in suspense (not for long!).

For gold, a break-out of 1320-1330 within November could signal an attempt of reaching 1400+ by year end:

For silver, a break-out of 19.5-19.7 within November could signal an attempt of reaching 23+ by year end:

Rhetoric build-up for a December rate hike seems poised to a replay of 2015 year-end rate-hike stock market panic. And a uncertain US election is not helping it neither. The outlook seems bleak, and the mid-term support of $SPY is yet too far away. Look out for below! $SPY could easily retest 180 support till year end: