Tuesday, December 7, 2010
A down day for Gold and Silver, not a big deal or trend changer. Gold continues to trend up within the channel and it would need to drop below 1350 that occured on Nov 26th area to negate the uptrend. Gold has been up 6 days in a row and had to take a 'timeout' at some point.
As mentioned previously, IF the institutions and hedge funds sold in November to lock in gains, Gold should have a up month in December and into 2011.
Silver was also down about 4.6% today and was expected after 6 consecutive up days in a row. Silver in general is more volitile than Gold and one should expect wild swings at times. Just like the forcast for Gold, Silver should have a good month in December if institutions have taken their profits for the year.
Labels: Gold December 2010