I Wouldn’t Wait Until Monday
The last three Mondays (second back was more a continuation from the Friday before) have seen substantial rallies in gold and silver. The rest of the days in those weeks were positive with pullbacks along the way in each week. Given the action this week where we had a strong Monday and backing and filling the last three days, I am expecting that if we don’t break to the upside today, we will open strong again on Monday. I was expecting a pullback again next Tuesday, as that is also the May futures contract expiration for both metals. However, since that has been the pattern for months, what if this past week was as bad as it gets. Maybe next week the buying overwhelms the paper and the upside explosion begins?
The only reason I’m hesitant is the DCL around 24 May. I have a good position in MAG already. Thanks for your postings