Gold and gold stocks approach resistance

Precious Metals have enjoyed their best rally since the spring but are approaching significant resistance levels.The weekly and monthly charts show stiff resistance in the $1780 to $1820 zone.Gold and silver stocks, which have outperformed the metals recently, rallied up to close to a confluence of resistance.Meanwhile, SILJ, which trades more volume than SIL, has tested its 200-day moving average twice.It has pulled back after reaching $22, a major resistance level.

Fundamentally, the next catalyst figures to be an official end to Fed rate hikes. This may or may not be preceded by the next round of selling in the broader market.

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