UPDATE !: Perfectly Normal Trading – Another Sunday Gold / Silver Market Open Waterfall
Perfectly Normal Trading – Another Sunday Gold / Silver Market Open Waterfall by Rory for The Daily Coin
UPDATE 1 – 11:28pm EST: So far the cabal has achieved their first goal – gold below $1,400. It has managed to stay below this really important mark. I feel if it challenges this line the cabal will knock another $10-$15 off taking gold back close to the $1,380 market, on Friday David Morgan discussed a pull back to this mark. I am not suggesting this was his prediction nor am I saying I agree, just making mention of a mark to keep in mind.
Silver has stood it’s ground pretty well. Hanging above the $15.20 mark and it may come away with little damage. Both metals seems to be holding strong in the face of what feels like a subdued attack. There just doesn’t seem to be much mustard in this downward move. It almost feels like gold is going to reverse and begin it’s ascent to higher ground at first light on Monday morning.. I understand that’s probably not going to happen, but it wouldn’t surprise me in the least.
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WOW! Whoda thought we see something like a waterfall on the open of a Sunday night after gold and silver have both enjoyed headlines the world over for the past two weeks?
Static charts to freeze the moment
The good news it appears the traders were expecting it as the chart immediately bounced and, gold especially, began climbing. I’d bet both are going to get smacked down again and the smack down will be pretty hard. We are getting our dry powder ready because it’s not going to hold very long – maybe a month, but both metals are going back above $1,400 and will settle the year at or above $1,450. Silver will perform well after this smack down and recover, possibly as high as $16.00+ by years end.
We will be updating this throughout the evening and, if warranted, begin a new thread first thing Monday morning. Look for another whack to the forehead before sunrise.
The charts below are live and will continue to follow the action.