The Moment of Truth Cometh

We are rapidly approaching The Moment of Truth, at least for this current correction. Either it has ended and the PMs will begin the UPward consolidation that I'm expecting or things will break down and silver will head lower to test last week's lows and beyond. Gold would then roll back toward 1465-80.

Here is the gold chart I gave you yesterday:

And here is a 15-minute chart with roughly the same trendlines drawn upon it:

The two ends of the pennant look like they will meet in about 12 hours so gold will break out, either higher or lower, before then.

Now let's do the same with silver. Here's the longer-term chart from yesterday:

And here is the latest 15-minute chart, again with the same trendlines drawn.

Like gold, the downtrend line is going to intersect the baseline in about 12 hours so resolution is coming.

I, of course, have no idea how this may play out. The fundos still have not changed so I expect natural demand to kick in and stabilize/increase price. However, the CME/Comex/Cartel/Govt complex has already shown that it is willing to go to any lengths to suppress and cap price at these levels so we'll see. Maybe more silver margin hikes are coming. WTFK.

Hang in there. This should be very interesting to watch. TF

p.s.
WTFK is another Turd acronym. Any guesses as to what it stands for? Mr. Hyde knows, that's for sure.


5:30 EDT UPDATE:
The short term fate of the PMs hasn't been decided yet but its getting awfully close.
Here are two updated charts...an hourly silver and a 2-hour gold.
Overnight breaks of 1485 and 33 would be very bad.

On the bright side, IF, for any reason, the metals can reverse and rally here, breaking UP through 35 and 1510, we can begin to get excited about their short-term prospects.
Again, we should know very soon. More later. TF