Today Will Be The Key
Today can be business as usual or something completely different. After what seems like months of an established pattern of “Takedown Tuesday’s”, where gold and silver prices selloff almost every Tues. we will likely see a decline overnite and early this morning, as usual, until the 8:30 PPI release. If the market is correct that the release will be hot or even hotter than expected, gold and silver should go to the targets discussed previously, gold 1840 or so and silver around 25.50. Reaching those targets should lead to at least a pause. However, as I posted yesterday, it is quite possible both, just blow through those targets. If not today, possibly by week’s end.
So far, it’s looking like the typical takedown Tues. If the usual pattern holds, it will carry over into tomorrow. Then we will see if the rally has legs.