Re: So what's with GOLD & SILVER?/O.T.D. *PIC*
Well a sideways trading market that has only backed off a little is also a 'correction' if only in time. Same thing as a major pullback but does show tremendous techncial strength. And price is still riding its rising 20ema which is still very positive. Bottom line though price 'must' clear $1800 to suggest a double top and higher. Until then you know where the ceiling is. And that is still close by. I prefer to buy support even if it is catching a falling knife. At least at support you know exactly where your stop should be and is a small price to pay if broken. October typically sees Gold and Silver and other markets plunge on some 'story' every year so is a very volatile month to trade. And with such headline driven chaotic markets now days it exaggerates the moves even more. Dangerous time to be jumping in the water regardless. I'd love to see Gold plunge to the major support level at $1633 which is also a Fib 61.8% retracment level that Gold has always loved to respect. Note how price rallied right to the Fib 61.8% retracment point in the recent rally. Probably wont get that lucky though,lol.