Both have peaked near important resistance missed my target Gold at 1,334/Silver at 22.07. It fell on european open and in Asia session as well. Its never a good sign when Asia starts selling gold. Will be looking to see if we get a close below 1317.60 suppor0t. A close below 1,317.60 on Gold will enable a bearish key day reversal on the completion of a possible ABC equality off the Dec. 31st low at 1,334.
The high on Silver at 21.98 stands very close to the range break target at 22.07, derived from the horizontal pattern formed from early-Dec. ‘13 to Feb. ’14 on the double bottom. Overall, a good time to watch for signs of a turn developing.
Feel from traders is that the markets are bullish and the more bullish the traders are the more likely it is we have a short-term top.
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