19 September 2013

Gold Daily and Silver Weekly Charts - Assis sur le Rebord du Monde

Gold and silver had a choppy consolidation day after yesterday's moonshot on the Fed surprise.

It is constructive that gold and silver took out overheard resistance and nailed it, holding it today despite the chop.

The next leg higher will have to challenge the big neckline area.

I think we all got a kick out of the 'taper' speculation that started up again today.  I don't think that the Fed could have been any more clear about their criteria for a taper. 

I suspect some of this talk was done to cool some markets rally mode, and allow the wiseguys a chance to square off against this before the next move.  If you were short gold or silver yesterday was a spanking deluxe.

Have a pleasant evening.