Is That It For Gold?
Gold bounced on Friday, which wasexpected, and today it has given back all of Friday's gains. This action is nosurprise as gold hovers near the recent lows. The $1,310 price is the key levelas to whether gold is going to break down or find support.
After breaking out a couple ofweeks ago, silver finds itself in a similar situation to gold although a littlestronger. Silver has violated support but is becoming oversold at these levels.Our expectations are that silver will outperform gold and the $16.20-$16.30level is a great entry.
This will be a very big week forthe metals, since there is a Fed meeting and the jobs report. Both can have adramatic effect on the metals. It should be an interesting week with all of thedata due out and a spiking dollar, the metals are on pace for a big move.
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