16 December 2011

Gold Daily and Silver Weekly Charts - A Bounce in Bullion and Miners on Quad Witching

Gold and Silver bounced today, and that is all that we can call it so far.

Key resistance for gold is 1620. The gold chart has been changed to reflect a repeating formation from earlier this year, on a much larger scale.

A special thanks goes out to my friends at ThirdEyeOpenTrades for reminding me about redrawing the distribution cycle to match that of the beginning of the year.   Bob helped me decide to go ahead with this as the primary scenario.

Today was a quad witching day and I wonder how much of the miners smackdown was engineered to take out the call buyers.

See you Sunday evening.