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We all should feel pretty good about calling that bottom back on Tuesday. When $1330 gold and $25 silver held their inevitable retests, it was clear that the corrective selling/manipulation had peaked and that the bottoms were in. As I type, Dec10 gold is 1353 and Dec10 silver is 26.86. Very, very nice.
I wouldn't expect much price change tomorrow. The bias is clearly higher but there will be light selling heading into the weekend as weak-handed longs pull some bets, wary of being long until Monday. Lets look for a Friday close around today's highs in gold near 1360. Silver may see 27.50 tomorrow before pulling back to close somewhere between 27 and 27.50. All in all and considering how dark the landscape looked back on Tuesday, not too shabby.
Next week will be interesting as we get option expiry on Tuesday followed by the holiday on Thursday. Probably a quiet, give-and-take week. This will set us up for an explosive first week of December when $35,000,000,000 in new POMO comes into the market. That first week should take us back up and through the highs of early last week. The second week of December is when I expect the gold market to finally fulfill my $1500 by 12/10/10 prophecy.
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