As this point in time, I still see gold as a trading range. There is superb support, both from a technical standpoint and from the interest of physical buyers, in the $390 to $395 price range, and good selling at $408 to $410. Look for this market to continue its consolidation.
While little changed in the fundamental supply/demand outlook, it is most evident that the price declines were simply the result of long liquidation by the oversized speculative crowd.
SILVER:Now that the back of this market is broken, as previously warned by this commentary, I would look for lower prices. I see no reason why we can not eventually retreat in price all the way back to the 200 day moving average around $5.50 per ounce. Look at this historically, and every serious rally has always led to a devastating decline.
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