No Real Change
As we get back to business on this Monday morning, I'm sorry to report that I have nothing interesting to report. Today's charts look like Friday's which, in turn, looked like Thursday's.
Though you'd rightly expect the PMs to be rallying here, two things are keeping them in check:
1) The continual presence of The Cartel. I know this can get challenging to grasp but they are still in there, banging away. Though it's clear that their current goal is to lessen their shorts, this does not stop them from raiding from time to time. By adding new shorts, they hope to drive price to positions where they can cover both new and old shorts for less cost.
2) The destruction of the euro and the swissie is causing a flight to The Pig and countless hedgie algos are programmed to sell PMs when they see Pig strength.
So, here we sit. If you're looking to buy, the levels we identified last week are still attractive. Namely, 1820-25 in gold and 40.50-41 in silver.
More later, after the close. TF