Precious Metals in for a Rough Ride Before the Parabolic Move
Source: Examiner, Mary Love (9/12/11)
"The precious metals are currently trading lower and expected to challenge some long term support lines."
As the overseas markets have demonstrated, there is no strength anywhere at this moment in time. Following a 300 point down day Friday on the Dow Jones, and lackluster performance by gold/silver, the same scene played out last night across the ocean. The Asia/Pacific markets were hit hard, but the European markets were decimated, and the precious metals were down across the board.
It appears the same scenario will play out here today as well. The equities market is being called opening down -222 and the S&P 500, a broader index, -24. The precious metals are currently trading lower and expected to challenge some long term support lines. If those hold, we can expect a bounce of +$50 in gold, and +$8-$10 in silver. If they can manage to hang onto those gains, then the next leg up for metals could be the result. . .View Full Article