05 October 2016

A Quick Look At the Gold and Silver Technical Indicators - London Calling

These charts are from yesterday's close.

Both gold and silver are short term oversold, and have added some to that so far today.

They can become more oversold.   Or they can find some support and hang in there until the Non-Farm Payrolls report.

If this is a price manipulation designed to flush out longs in the Comex futures, I would suggest that it has just about reached its practical limits and has accomplished that.

It is not a shortage of gold bullion in NY that concerns the bullion banks, since it is largely a paper market already where claim checks are exchanged but little gold actually leaves the warehouses.

The concern is more likily the shrinking free float in the key physical bullion market of London and the refineries in Switzerland.

Let's see what happens.