The ZEMA graph above shows gold and silver daily prices with moving averages on CME over the last two months. The orange line represents COMEX 100 Gold (USC/toz), the blue line is COMEX 5000 Silver (USC), the yellow line indicates the gold 7-day moving average, and the green line represents the silver 7-day moving average. In February, after an extended fall over year 2015, both precious metals experienced a remarkable recovery, which flattened out by the end of the month. Such price shape can be explained by the fact that the markets, after an extended bearish mode steaming from a stronger dollar and higher US real interest rates, have started to consolidate their positions. This drive is supported by expectation of the falling dollar alongside real interest rates, as well as overstretched speculative position in precious metals, which likely provoked short-term recovery rallies.