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The market is likely to chop ahead of the Jobs Report on Friday 3 December.
Post market note: It appears the perceived support at the 50 DMA was well founded and provided an opportunity for the boys to bounce it higher and sweep the small bear specs out of the way. This will likely continue at least until 'something happens.' Will it be the Jobs Report on Friday? What can one really say about such pervasive malinvestment and fraud.
"And I set my heart to know wisdom and to know the madness and folly of men. I perceived that this too is grasping after the wind. For in much wisdom is much grief, and he who increases knowledge increases sorrow." Ecclesiastes 1:17-18
Gold is hanging at the 1375 resistance, the former target of the breakout from the big cup and handle formation. It may take a little while, but if the markets hold together and gold can clear this level it may romp higher and reach our intermediate target more handily than most imagine, with perhaps some additional hesitation around the psychologically important 1400 level.
Silver may take the lead again once this option expiration and holiday shortened week is done.
But I think gold will tend to do better in a crisis, better than stocks and silver at least. So let's see what happens.
Banks Feel Threatened By the Bullion Bulls - Stills
