29 October 2013

Gold Daily and Silver Weekly Charts - Day After Option Expiry and FOMC Tomorrow

Gold was hit for a pullback today, which was no surprise since it was the day after an option expiration and tomorrow is an FOMC day.

Silver was a bit more resilient but both metals are stalling here a bit below the important breakout levels that will validate an intermediate bottom.

There was no action in or out of the COMEX warehouses yesterday.

As shown in the article below, the Wall Street Journal said that Central Banks are cutting purchases and that gold is fading from the investment picture.  

You will forgive me if I doubt this.

Have a pleasant evening.