Just updating the chart. Let's see whether the resistance line will be broken (see the chart below). You may say it is just a line. Maybe yes, but this is how I look at it: If this line is broken then starting from June 17 of 2013 (except 8 trading days in August of 2013) a) whoever entered a long trade and still did not close it will have positive position and will be happy confided and calm , b) whoever entered a short long trade and still did not close it will have negative position and will be uncertain, not happy and some start to panic; c) unhappiness of bearish traders may push them to close their positions - they could start buying by pushing price higher; d) many traders will see a stable trend in Gold (volatility is low and it is moving up) and those investors who unhappy with slow stock market (only 2% on DJI so far in 2014 and Russell 2000 is in red since the beginning of this year) my start looking for better place and stability together with low price (comparing to 2011) in Gold may attract them This is how I understand this Resistance line. So let's see whether it will be broken. Chart courtesy of MarketVolume
Silver Spot 2-year Chart (orange line US Dollar index) Gold Spot 5-year Chart (orange line US Dollar index) Charts courtesy od www.marketvolume.com