Well, I promised you a volatile week, didn't I? This crazy volatility, particularly in gold, is actually our friend. We discussed "V" bottoms last week and how unusual and unstable they are. I much prefer double bottoms and bottoms that bang around in greater-than-usual ranges...just like what we're seeing in gold. A lot of capitulatory selling is being expended but no further downside progress is being made. At some point in the near future, virtually all who want to sell will have sold and we'll be left with a lot more buyers than sellers. Just be patient. This day is coming very soon.
OK, here are your items of interest for today. First, DrC is very solid and looking to move higher. Again, if copper begins to head back toward its highs of late last year, there is no way that gold and silver are staying down. Last is 442.
However, I gave you the 27.20-60 area as major, short-term support. This is playing out exactly as expected...so far. Last is 28.11.
keep an eye on the headlines out of the Middle East. This has already been a wild week and its only 10:00 am Monday. TF
12:30 EST UPDATE:
Crude and copper are rolling, which is making the task of "contaning" gold and silver quite difficult for the EE. I have a lst in crude of 91.41 and copper of 445, both right near their highs of the day.
Gold has rebounded almost $12 from its lows and silver almost $0.80. Gold will have a difficult time putting in a constructive close today but that's of no import. Watch silver very closely, however. As I told you back on Friday, a close above $28 today would be huge. It raises the probability that "Turd"s Bottom" is in to about 90%. A close over $28 tomorrow takes us to 95%. Any close this week above $29.50...well, by then it'll be quite obvvious to everyone that the correction is over.
So, watch silver. I've got a last of $28.30. Watch copper, too. If you really want to pull for something, pull for DrC to close above 447. That would be HUGE.
1:30 EST UPDATE:
If anyone still questions the existence of the EE and their malicious intent, you simply need to look at the 1-minute chart since 1:00. The monkeys are hammering away, trying to constrain the metals, silver in particular. They see the charts, too, and they will give anything to keep it under 28. Oh, well. Too bad. I've got a pit session close of around 28.12. However, you can bet your sweet batooty that they'll keep hammering away on the Globex so don't be surprised to see a dip below 28 before 4:15.
Gold is just a joke. As mentioned above, fucking Helen Keller can see the reverse H&S on the gold chart if it moves UP through 1345. Blythe is giving it everything she's got to keep it down. The fact that crude is up almost $2.50 and copper is up 8 only serves to illustrate the absurdity and criminality of the bullion banks.
Check back soon for some closing charts and commentary. TF