Just a quick update here. As I pen this issue (6:26 am EST), gold and silver are bouncing (from last Friday’s devastating tumble). There is a band of overhead selling (resistance) showing up in gold at the $1,358 to $1,365 levels, and in silver, at $20.28 to $20.55.
I’m not concerned. I believe it’s just a normal technical bounce. Here’s the action on a 30-minute gold chart this morning:
Notice the three wave – A, B, C – bounce …
A classic Elliott Wave counter trend bounce. Though I do not use Elliott Wave often, the action here combined with other tools I use, including cycles, tells me it’s nothing more than a bounce.
Hold all positions and related stops.
Best wishes,
Larry
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