Precious metals were under pressure throughout the US trading session. The bear raids started early on Sunday evening but gained footing during the NY trading session.
I think the silver chart *might* be clarifying a bit here, but we will have to see where it finds its level in order to peg the new levels of resistance and support after the parabolic run up which very possibly was a calculated maneuver designed to break the bull market trend before it leads to a Comex default.
Gold was pressured by China weakness and the bears took the opportunity for another raid when SP downgraded Greece to CCC.
The gloom seems rather thick here, and the common sentiment is overwhelmingly bearish. It does seem overdone as we might see at a market turning point near the bottom of a resistance channel.
At the end we have to accept the verdict of the market, at it is deliberately given over time. Always.
But I have to note that those who are quite often wrong because of a fundamental lack of economic and market knowledge are becoming increasingly noisy and emboldened lately, trotting out old tired arguments and worn predictions, and this is sometimes a sign that the tide is turning.
It is option expiration week. Let's see what happens.
