We stood fast on the technicals maintaining our pricing model which suggested $1,520 was resistance in gold and $18.10 in silver. In one day, both metals broke down to support and are now in danger of breaking down.
The next few days will tell the story for the next big moves in both gold and silver. As we said at the top, we are staying short. However, with the metals now back on support a rally would be no surprise. Our overall view is a breakdown to $1,460-$1,440 level is still in play and we will stay short until proven wrong.
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