U.S. Gold reversed direction on Friday after falling for four straight days. The metal's rise was impressive -- gold gained $21.20, or 1.44%, to close at $1,495.10 an ounce. Gold prices hit an intraday low of $1,470.90 and a high of $1,497.90 an ounce. Last week, gold hit an high of $1,560 an ounce.
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Gold prices are well below its Bollinger band's middle band. Friday's impressive rise of $21.20 an ounce, could still not get gold prices above Bollinger band's middle band. The relative strength indicator is sitting at 51.84. Technically, gold is neither overbought nor oversold on a daily chart. Bears have an advantage over bulls and their next near-term downside price objective is closing prices below solid technical support at $1,477.80.
Silver futures prices for May delivery, now the most active contrast, dropped a whopping $14, or roughly 25% for five straight session last week. Friday brought a relief, Silver prices rose $0.93, or 2.68%, to close at $35.60 per ounce on the Comex in New York. Silver prices hit an intraday low of $33.15 and a high of $36.39. Silver prices gave up all the gains from April. Currently, Silver prices are just below its Bollinger band's lower band. The relative strength indicator is sitting at 34.87, which represent an oversold condition.
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