10 April 2012

Gold Daily and Silver Weekly Charts - Remarkable Flight to Safety on Euro Jitters

There was a remarkable intra-day reversal in gold as stocks slumped hard on fresh European debt jitters of the Italian and Spanish variety.

This divergence was probably a flight to safety, as gold soared but silver lagged.

Gold had also come to the bottom of its short term trend channel, so the selling algos were likely a bit old.

I did some buying in the early part of the day as gold and silver were down and some of the better mining stocks including some lesser names were just battered.