This week’s upside breakout is turning the $4400-$4000 zone into massive support...the $3500-$3200 area is currently the big one but $4400-$4000 is coming nicely into focus now too.
Swiss gold exports fell 15% to 109.5 tons in November, led by a 92% month-on-month slump in shipments to India, according to the Swiss Federal Customs Administration.
For the time being, we are assuming that wave (iv) is becoming a bullish triangle, and therefore wave -c- cannot fall below the wave -a- low of 3886.05.
Gold on Thursday traded to as high as 4410 in closing Friday at 4369, +66% year-to-date; Silver traded to as high as 67.68 in closing at 67.40, +130% year-to-date.
With silver overbought and herd greed soaring, downside risks abound. Silver will get sucked into and amplify any material gold selling back to the lower end of its high-consolidation trading range.
Ira Epstein discusses the state of the metals markets, highlighting a recent rally in stock indices following weaker-than-expected CPI data. However, the data's credibility is questioned.
