Today one of the greats in the business noted that the odds now favor the upside for gold and silver.

April 30 (King World News) – Jesse Colombo:  Interestingly, the signal from the Gold Volatility Index aligns with the one given by the indicator I pay closest attention to, Williams %R, which helps identify when an asset is overbought or oversold. While Williams %R is based purely on price and uses a completely different methodology than the volatility indexes discussed earlier, both are now conveying the same message.

KING WORLD NEWS NOTE: Gold Hit Oversold Levels That Indicate Major Bottom Is Close And Odds Favor Upside

In my update on Monday, I showed that gold was nearing oversold conditions according to Williams %R, and after the declines of the past two days, it is now fully oversold. In an uptrend like the one gold is currently in, that typically signals that a rebound is near (learn more). That is not to say gold cannot go any lower, but it indicates that the pullback has largely run its course and that the odds now favor the upside.

Like gold, silver is now officially at oversold levels:

KING WORLD NEWS NOTE: Silver Hit Oversold Levels That Typically Indicate Major Bottom Is Close And Odds Favor Upside

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