We have been waiting for a good buy spot in the precious metals, and it looks like we may have that today. Gold prices have been backing down from last week's high of $1437, and they seem to finding strong support just above $1400. There are also some short-term technical signals suggesting the possibility of a strong rally that could start early next week in both metals. Silver seems to be finding support around $15.20 and also looks set to rally. Let's go long in both metals now with close stop loss points, say at $1370 in gold and $14.90 in silver.
(Note - the technical signals suggesting a rally now have a 75% likelihood; there is also a 25% chance of a steep drop in prices instead. Therefore pay close attention to the stop loss points given above.)