the s&r #s are based on the 252 low in gold - a gann technique. he thought old significant lows and highs were like the full moon pushing and pulling on the tides. i believe the 1245 area will provide enough support to stem the decline. if not 1229 the start of this price cycle is underneath. the indian festival ended , along w/war threats that pushed gold into resistance. the threats have subsided and the indian festival ended. and the selling began. silver is way oversold . it now has hourly divergences . i am waiting to see if they hold. the miners are of great interest to me @ these levels
in the world 2 major developments have occurred overnight:
1 india has entered into the digital gold world http://economictimes...ow/58480679.cms so there is competition for bit coin. another crypto currency if this gains in popularity it can be a game changer
2http://www.arabianbu...ncy-672673.html there are more than 2billion muslims world wide and one gram is seen as a sharia compliant method for them to keep gold in a digital format that is both secure and digitally transferable,including across borders,at the same time. this is huge. i believe that dubai will be the center of gold trading worldwide. comex and lbma will be relegated to a 2ndard role.
stay tuned the bull era infrastructure is being put in place. all of this takes time w/gold falling from the 1290s to 1245 w/silver and the miners getting crushed , it seems like the end of the world for the western gold bugs. well its not.