Non Farms Payroll Report gold and silver takedowns just aren't what they used to be. There used to be a time when a NFP gold and silver takedown brought days of excellent bargains, now we're lucky to have 2 hours to make our purchases.
Silver has now RETRACED ALL OF ITS TAKEDOWN LOSSES IN UNDER 3 HOURS, recently touching the $37.80 level that is solidly the top of this range trade zone. Yesterday Blythe and co initiated a new takedown during the access market to help prepare for the jobs report takedown this morning, it will be interesting to see if another one commences this afternoon, as a convincing move with a close past $38 is HUGE trouble for JPMorgue.
Gold has also retraced most of its losses, back to within a hair of $1430.
The big news is the dollar,
which surged this morning to 76.60 on the payroll report- has subsequently collapsed all the way below 76 again! If the dollar cant regain the 76 level by the close, we are looking at an immanent testing of 72.
This would put silver around $40-$45, and gold near $1500-$1525.
