21 January 2016

Gold Daily and Silver Weekly Charts - Gold Resists, Silver Holds, Northeast Braces For Snow

Gold was hit early on in a general 'stocks are good, gold is bad' move that fizzled into the late afternoon. Despite all the misinformation to the contrary, gold is still a safe haven asset.

Silver held its ground.

There was intraday commentary on the increasingly 'insubstantial' nature of the NY gold trade, and the relative robust purchasing of physical gold in Asia. You may scroll down to see it.

There are those who continue to deny this, with a varying degree of arguments ranging from cleverly deceptive to nonsensical. Look at the facts and make up your own mind.

There are some potential formations on the charts, especially gold, but I am waiting to see something develop that gives us a higher degree of probability.

Have a pleasant evening.

And meanwhile, the Northeastern US prepares for snow...