Just thought I'd give you a quick note of some levels worth watching today.
We were looking pretty good overnight in the metals but, for the third day in a row, Blythe has decided to administer a beating in the early morning. Today's gold beatdown began promptly at 9:35 EST with gold at $1375.40. By 9:46, it was 1367.20. Silver, of course, same deal. At 9:35 it reached 29.14 and by 9:56 it was 28.84. Silver's the one that's got to be pissing Blythe off, however, as it seemingly does not want to buckle under her constant pressure.
For this morning, lets watch for clues as to how we might end out the week. The Feb11 gold needs to hold 1365 or so and then close back above the 1370 mark. Last week's close was 1385 so, obviously, its going to take a lot of work to have an UP week. In silver, $28.80 has acted as a barrier to Blythe's evil intent. Let's hope that level hangs in there this morning, too. Silver closed last Friday at 28.61 so it is looking to have an UP week. Don't think for a minute that Blythe isn't aware of this so expect some relentless pressure as we go through the morning. If the monkey brigade are unable to collapse silver, a rally simply to 29.28 will gives us a new post-1980 weekly high close. After all the raids and pain of this week, to still have a new post-1980 weekly high would be huge. Therefore, be on your guard and watch 28.80 very closely.
Lastly, bonds are showing some strength today. If they can hold their ground and build from here, the "anchor" shows that the worst may be over, at least for the next few weeks. Rallying bonds may ease some of the recent pressure on the PMs, too.