Gold & Silver Daily Brief 1/31

Gold is stuck between a bottom of $1310 and resistance at $1350. It has tested $1350 six of the past seven trading days. Should it breakthrough then we’d turn our focus to $1380 as the next key resistance.

Silver is performing better. It held $26.50 last week (clear support dating back to November) and has already reached resistance at $28.50. Silver could climb as high as $29.50 (next resistance).

The COTs look pretty favorable, but we need to see the public less bullish. Last week 2/3 of the public remained Silver bulls. We need to see that decline.

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Jordan Roy-Byrne, CMT