Quick note: Gold and silver ran up on very bad economic news at 8:30 am EST this morning, with gold pushing resistance at $1,363 again.
However, shortly after the run-up, both gold and silver started to falter again, proving they just don’t have the mojo right now and that the AI forecast models are on track for lower prices.
As I pen this issue (2:24 pm EST), gold is now down over $6 in the red, silver down more than $0.28 in the red. Swings from positive to negative are typically reversals, and when the close is in the red, it’s an even more bearish sign.
So once again, despite repeated attempts to rally, gold and silver are weakening, and the AI models remain on target for an early October low.
Hold all positions and related stops. Have a great weekend and be ready to add some positions early next week.
Best wishes,
Larry
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