The Dow has plunged over 800 while gold and silver prices also tumbled and here is what to watch in the metals.
Gold & Silver
October 28 (King World News) – Top Citi analyst Tom Fitzpatrick: The picture on Gold and Silver remains precarious in the short term as both have failed to make inroads on topside resistance and have since fallen sharply…
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Gold
Failed to break back over the 55-day MA and is now threatening to complete a double top (Neckline at $1,879 that would suggest a move to at least $1,832.) That would take it below the trend low at $1,849 and open up the possibility of extended losses towards the 200-day MA at $1,768.
Silver
Also failed to regain the 55-day MA and is close to completing a double top with a neck line at $23.58 that would target at least $22.50. Below here the trend low at $21.68 would look likely to be tested with the 200-day MA at $19.84 ultimately a danger in an extended correction.
Big Picture
King World News note: The bottom line is that the pre election volatility is kicking into high gear and that will translate into more wild trading in key markets. Remain calm and ask yourself what the situation will look like after the election. More money printing is guaranteed and that will be extremely bullish for the metals medium- to long-term.
PUBLIC BORROWING BUY STOCKS
***ALSO JUST RELEASED: PUBLIC BORROWING BUY STOCKS: Look At What Is Happening With Margin Debt In The Stock Market CLICK HERE
***To listen to what has changed that is very bullish for gold and silver CLICK HERE OR ON THE IMAGE BELOW.
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