Note: addition in gold chart showing a potential trading range
At last a change of pace!
A series of determined and very heavy-handed bear raids took down both gold and silver in the afternoon trade, and of course their associated investments.
It is a bit early for an options expiration smackdown. The only thing I see on the economic calendar is the Consumer Price Index report for December. Today's Initial Jobless Claims number was a high end buzz kill, but the Street brushed it off.
It looks as though gold may enter a trading range here, as a determined effort to stop its advance gains seasonal traction. I think the 1455 target should be set aside if a trading trading range develops more fully, and a breakout target be set instead. Let's wait and see what happens around January 24 week.
As a reminder, US markets are closed on Monday for Martin Luther King Day.
