Quick update: Gold and silver are sliding again this morning, trading heavy, with the December gold futures contract now at $1,320 as I pen this issue (8:48 am EST).
The trading is very heavy, and as we come into next week’s target cycle low October 7, we could see some real fireworks. Ditto for silver and other precious metals.
That’s especially true if we can get gold to close below the prior low at roughly $1,305.50 by tomorrow’s close of trading. However, it’s not required. A close below $1,320 will keep the heat on the downside heading into next week.
The euro is also down this morning, the dollar trading higher. Meanwhile, the major U.S. stock indices should be topping today, preparing for a slide into the middle of October.
Hold all positions and related applicable stops and stay tuned …
Best,
Larry
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