To this end, while a retracement as deep as the 3050SPX region has become much less likely, I would still like to see a higher degree retracement back to the 3330-3450SPX region in the coming weeks.
Silver would have crashed a lot more but was saved by the best month in a decade for industrial metals. Copper and zinc were the leaders. The untouchable aluminum also rose.
The largest gold-backed ETF, the SPDR Gold Trust, is headed for its largest monthly outflow since 2017. The ETF has already lost over 50 tons of bullion so far in November.
The bloodbath phase scenario has hit with stops triggered under $1,800/oz and now we have the possibly of having to endure weeks of gold grinding lower down here.
