Not Your Normal Monday

Well, here we go. Another week is starting but its clearly not going to be a regular, boring week. Anyone, including The Great and Powerful Turd, who claims to know where things are headed this week is either a fool or intent on selling you something.

Did anyone else have trouble getting "news" over the weekend? I found myself relying upon ZeroHedge for updates. Not TV, not even Drudge. And I simply have zero faith that the Japanese government is telling the truth, the whole truth and nothing but the truth. Since it is clear that about every imaginable scenario is "on the table" in Japan, no one knows what this week holds. ZH has maintained since last month that Saudi would feel the uprising by March 20. Well, that's only 6 days away, too. Again, no one knows.

As this pertains to PM prices....again, no one knows. There certainly seem to be plenty of would-be chartreaders and cyclists out there warning you to sell everything before its too late. I would caution you against taking their advice. Heading into last week, we only had guesses and speculation about where the PMs would find support in a selloff. After last week's action, we thankfully now have hard data. I'm not even thinking about selling anything until and unless our now-confirmed support levels are broken. The charts, to me, still look positive and ready to break higher so the last thing I want to do is be out. Here is your daily gold chart which, frankly, looks great. Its basing above old resistance and has a clear level now that needs to be watched for signs of a breakdown and change of trend.

 Silver, too, looks just fine. Support held beautifully last week near 34 and now we have a very clear point where below it we can begin to get cautious. There still seems to be a concerted effort to suppress price below $36, including last evening, so that level should be watched with interest. However, this chart looks like it wants to begin another thrust UPward pretty soon.

The Death Star is now open for business and things are moving UP nicely. This is a very good sign of overall PM demand given the circumstances. It was much easier to beat the metals back overnight. That they are rallying again so early in the session is quite positive.
April gold: $1430
May silver $36.20

Definitely more later. TF


10:30 EDT UPDATE:
The suppression around $36 continues but for how long...