Another day, another failure for Gold to breakout to the upside which is consistent with the market footprint. It was just the other day when the Gold bulls were chirping, and the buyers couldn’t get enough. Gold traded as high as 1304 yet here it sits in the 1290’s.
Silver remains on a respirator, with the recent volume and volatility the markets could be closed, no one would know the difference. Silver will breakout of this range and will go up big or down big. Based on the pattern the odds favor up, but there are no guarantees.
The metals in general have been quiet and are the tale of two cities, Gold at the top end and should go lower, Silver at the bottom end and should go higher. The ratio between the two is 87-1, making a gold sell off and a silver rally a real possibility. For now, the best trade is the one of observation.