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Silver Has Suddenly Reversed Against Gold. Will it Hold?

We had the CPI number come up. We also had the House vote. The CPI - I don't think one person thought that today's CPI number was going to be the equivalent of a Fed rate cut - yet.

Now we take a look at gold, it is certainly up 1.5% for the week so far. When we take a look at the market in terms of chart action, we have a bounce. Now, the market still has a pattern of lower highs and lower lows in effect - and what did it try to hold? If you really look at it, the 100-day average in the Bollinger Band, you did manage for 48 hours to stay under it and then you came right back over it.

I would assume we would see pretty good resistance show up in this market now at $1980.8 which is the 18-day average of closes. You'd have to go all the way up through this number in order to negate the downtrend. 

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