The market looked at the speech as very dovish -- absolutely no hurry to raise interest rates and tapering is not linked to raising interest rates. All the metals take off..
Friday's Powell speech is a big market event. Silver is gaining on gold a bit. Gold backing off from the resistance area with the 18 d.m.a. around $1,781 area providing trading range support.
I saw a lot of people give up on gold and the miners last week after the gold price attack. As soon as the gold price breaks this downtrend line, miners and silver will break the manipulation and follow the gold price higher as well.
On days like today it may feel like you have missed the exact bottom which could be true but as you can see none of the lows have held since the June highs. GLD is generally the leader and has been the strongest area in the PM complex..
