From highs last night to the lows this afternoon, gold fell $18.50 and silver about $.58....This MAY be enough. We will definitely know tomorrow...meaning that it is unlikely that we will see a quiet day tomorrow and a sharp move down Monday. If Monday is to be the day to turn back up, then tomorrow will be down as well, and it would be the extent of the retrace that would be most meaningful. Can we close tomorrow above $1100 if it is a down day?
Gold has rallied some $5-6 since COMEX closed and HUI is well off its low, while the CDNX has held up fairly well all day. With oil and other commodities doing poorly today and the $US having a nice pop, odds are better for continued weakness into next week, but world gold buyers and ECU Silver monthly production could turn things positive rather quickly.
ECU does need to close in the upper half of its daily range, or I will have to take my Teddy to bed with me tonight....pic
