PRECIOUS METALS UPDATE (10:30 pm EDST)
I had been considering going long today in either gold or silver or both for Monday's market open, but as the market opens this evening we can see both metals dropping to new lows. We don't mind silver dropping a bit lower, but we don't want to see gold below $1280 as that could be a bearish warning. There are still three days left in the current reversal zone (it ends Wednesday) so I am going to stay on the sidelines for now and see if this bearish divergence (gold above $1280, silver below $14.90) persists into the first half of this week. We are still looking to buy if it does.
I had been considering going long today in either gold or silver or both for Monday's market open, but as the market opens this evening we can see both metals dropping to new lows. We don't mind silver dropping a bit lower, but we don't want to see gold below $1280 as that could be a bearish warning. There are still three days left in the current reversal zone (it ends Wednesday) so I am going to stay on the sidelines for now and see if this bearish divergence (gold above $1280, silver below $14.90) persists into the first half of this week. We are still looking to buy if it does.
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