Time to start another week. The charts suggest a quiet, rangebound week. Why is it I feel they're deceiving me?
As you can see on the updated charts below, gold and silver look to continue consolidating below key resistance this week. Gold looks to have the greater potential of breaking higher as it is already in its "MaxQ" area and reached a high of 1697 overnight. Silver is still being leaned upon by The Forces of Evil and, with margins so extraordinarily high, it will be challenging for it to muster enough speculative buying strength to drive it higher.
Of course, the scheduled CFTC meeting tomorrow might have a bit of an impact on these markets, too. I would encourage you to make one more attempt at influencing the decision on position limits. For you convenience, here are the email addresses of your friendly commissioners:
Maybe mention that "position limits are essential to free and fair price discovery" and that the imposition of the "position limits mandated by the Dodd-Frank Law" are a "good starting point". You might also remind the commissioners of the Mission Statement of the CFTC and how it applies in this case:
The CFTC's mission is to protect market users and the public from fraud, manipulation, abusive practices and systemic risk related to derivatives that are subject to the Commodity Exchange Act, and to foster open, competitive, and financially sound markets.
In the "news" today, it seems that Citi has taken a page out of the Fraud Perpetuation handbook recently authored by your friends at JPM. Will the BS ever cease?
Lastly, there has been a recent spate of defections from longtime friends of this site. Though I am, of course, sorry to see anyone leave, it comes with the territory. Regular users of this site will come and go. Some will just drift away while others will leave in a huff of righteous indignation. Either way, the only folks this site cannot live without are the Tech Team and the moderators. Without them, this entire operation is at risk. Please, for the greater good, I beg you to observe the guidelines of the site and respect your fellow members.
Have a great day. Prosper and be happy. TF