Precious metal holders were jerked around a little today on the option expiration. I would anticipate another hit tomorrow to test the hands holding in the money calls, which are converted to active futures contracts at the close.
All eyes are on Europe and the western central banks.
Gold needs to break the big downtrend to prove that the decline is over. Until then I would not feel confident enough to say 'all clear.'
It would be a nice 'triple bottom' if we can get it, but it must be confirmed with a breakout.
I 'trimmed my sails' a bit today on the intraday swings. No sense turning down 'free money' which is what the wiseguys have in minds when they try and scare mom and pop out of their positions.
Long term holders would be best served by ignoring the antics.
