Far from random coincidence, gold & silver are both currently backtesting recently broken key support levels (now resistance) while both the US Dollar & the Euro are also testing key resistance & support levels. As such, the precious metals & major currencies (which impact the former) are at key levels which are likely to determine the next direction in all.
/GC (gold futures) is backtesting the 1700ish former support, now resistance on this snapback rally following the recent breakdown & divergent low. A solid recovery of 1700 would be bullish while a rejection would be bearish. All charts below are 60-minute time frames.
GC 60m June 8th
Likewise, /SI (silver) is currently backtesting the 60-minute uptrend line from below as gold also backtests a comparable recently broken support, now resistance level from below.
SI 60m June 8th
/DX ($US Dollar) remains in a downtrend while currently testing the primary downtrend line on this 60-minute chart, with a buy signal to come on a solid break above it. A rising Dollar is generally bearish for gold while a falling Dollar bullish.
DX 60m June 8th
At the same time, the $USD is testing key downtrend line resistance, /E7 (Euro) is testing the 60-minute primary uptrend line as it remains in an uptrend with a sell signal to come on a solid break below. As the largest weighting in the US Dollar Index at 57.6%, a rising Euro results in a falling Dollar & vice versa.
E7 60m June 8th