With Gold and Silver under heavy pressure for the last couple of weeks, they now appear to be fighting to hold onto major support. The patterns are a little weak, but they are certainly giving support the old college try.

As we have written the last few days, we are still long term bullish the metals but at these key levels we are not adding to our positions. Gold and Silver have a lot of work here to prove that they have found support and a new bottom.

The next couple of days are loaded with economic data that could confirm a bottom or send the metals reeling to new recent lows. Between the jobs number on Friday and the ECB decision on rates today we could see fireworks. We will stand pat with current long-term holdings but will wait for the news to cycle through. 1280- 1275 the key level for gold and 14.95 -15.00 the key for silver. For now, we watch…

Todd Horwitz
Chief Strategist