Gold took a $20 hit after the European close today, moving down from 1250 to 1230.
And the theme of the day seemed to be ‘buy paper, don’t worry’ with the pushing of the SP 500 futures, even though techs kept threatening to roll over here on weak to bad earnings reports.
Silver managed to hang on to the $17 handle which was very good news. I am watching the NDX for stocks and silver for the precious metals to get a better idea of where these asset prices might be moving in the short term.
The charts are fairly obvious if you look at them. Nothing new has really developed. Silver seems to have activated its cup and handle with the breaking out above the rim, and so far so good there.