26 January 2011

Gold Daily and Silver Weekly Charts

Nice bounce off a deeply oversold condition as we noted yesterday.

And of course today was the anticipated option expiration on the Comex. How unusual.

So far no surprises, but too soon for the bulls to break out the party hats for a return to trend.

Eric Sprott said that he thinks gold is putting in 'a low for the year.' I am not sure where the low is, but save a panic liquidation in stocks, that seems like an historically good bet.