On the day after taper gold has been slammed under $1200 for the first time in 5 months, and is within a mere $20 of testing the June 28th low of $1198.
Silver is down as well, but thus far is refusing to break below $19, and is still 7% above its June low of $18.
Will gold bounce off $1180 and set a double bottom, or will support break, setting up a full retrace of gold’s move from $1000 to $1915?
Silver now down nearly $1 from pre-taper levels above $20:
Gold breaks below $1200, and is down over $40 from pre-taper levels:
Gold needs to hold above $1200 and make a strong reversal (through $1225) by the close to prevent a re-test of $1178