“Take your flash crash and shove it! We ain’t stayin’ down no more!” Gold & silver keep on swinging, and they are surging again…
Late Day Price Surge in Both Gold and Silver:
Gold and silver are pushing major resistance points. Gold is in a funk between here and $1350, but if silver hits $17.70, that’s the June 6th highs and we could see further price action to the upside.
Silver needs to catch-up to gold, and silver has the room to run. There has been a widening divergence that can’t last too long. The yellow is that funk in gold we were talking about. MIND THE GAP!:
Here’s how it unfolded:
We had suspected this would happen as yesterday we said this:
We are all pleased with the performance of the yellow metal in the month of August. You can rest assured, however, there are forces at work trying to make sure gold does not put in a weekly but more importantly a Monthly close above $1300.
TODAY AND TOMORROW MIGHT BE GUT-WRENCHING.
The is also this nasty little issue to deal with all the way from $1310 to $1350. Last Friday we said gold needs to break-out BIG-TIME. This is as true going in to the rest of the week as it was back then. What we really need is to bust through $1350 very heavy-handily, but we must not count ourselves in the clear just yet. Gold is still trying to tread water above $1300 on the week. There are many things that could happen over the next three trading days, so we all really need to keep a solid head on our shoulders and not get too far in front of our skis. We’ve been let down so many times this year, or pushed down, however you want to call it, but that does not mean we are not confident.
There is actually good news in silver. Silver is right back to punching through that early June high on the daily. Silver is now well above the 50-day and the 200-day moving averages. The immediate need is for silver to close out the week strong, and higher than the June 6th close of $17.70. It seems like we have gone through so much junk this year that it almost seems like a feat of strength, and I won’t even mention the fact that last year in September, the white metal was sitting over $20. Oops. I just did.
Today, Zero Hedge is reporting this:
After the shenanigans in US mega-tech stocks over the last two days and the seemingly well orchestrated melt-up to pre-J-Hole levels in the dollar, why should anyone be surprised that ‘someone’ decided to try to sell $1.1 billion notional into the Asian open…
We sat back in a “wait-and-see” mode, and sure enough, gold has fought back:
Silver was equally attacked:
But The effects were null and void within 14 minutes:
We made it through yesterday, and it looks like they are going to have to really bring it if they are going to push us back today. Sure enough, gold and silver have been saving it up for the second half…
And just now, we have this: