Looks like a serious effort is being given to cap gold under $1500 (look for a $1499 close?) and silver under $34 ($39.90+ close?).
Once options expiry is past, we should get a better picture the rest of this week as to where gold and silver are headed in the short term.
Were gold to close below $1500 on consecutive days, gold could correct to near $1450 or even $1425 on this move. If $1500 can hold (not counting today's massive manipulative effort to cap the close under $1500), look for the range trade in the mid $1500's to continue.
Silver looks like it wants to retest the lows near $32, and as we have said previously, could correct down to the $25-$28 range here without suffering any technical damage whatsoever. Those who owned silver in 2008 remember that silver can correct farther than most silver bugs think possible (as well as blasting higher than thought possible during major bull moves).
That being said, silver under $34 needs to be bought aggressively, and professionally.
This means increase the size of your buys the lower silver goes. Most silver bugs are currently growing complacent and discouraged, when in fact this should be the most exciting time for silver investors- an opportunity to increase your CORE PHYSICAL HOLDINGS! The time to increase core physical holdings is not when the whole financial world is excited about the metal and its making new daily highs, but rather after 40% corrections when its been tossed to the curb by the momentum chasing hedge fund crowd!
If you can't force yourself to overcome your emotions and buy an asset in a long-term bull market after a 40% price correction, you're not likely to make (or even keep) money in any market, ever, period.
