Our PMs had a fine day today. To think that they could rally so much yesterday and not only hang on but gain today is quite impressive. They both did seem to run out of steam as they approached the round numbers of 1440 and 35. Lets watch these levels closely if they are approached again overnight or tomorrow as a second failure at those levels may be enough to inspire an attack out of the EE.
IF some selling materializes...and I'm not saying it will...the silver chart looks to have a pretty well defined buying zone on it, first near 34.40 and then near 34. Take a look:
In gold, the picture isn't quite as clear. We are, however, currently in a strong UPtrend. Should we encounter some selling. I'd be looking to buy under 1435 and then 1430.
As I publish this, the metals are giving back gains on the Globex so we'll see what the remainder of the afternoon holds. I'll be here watching with you and will update if necessary. TF