Monday, March 26, 2012

Gold & Silver Explode on COMEX Open

Live 24 hours gold chart [Kitco Inc.]After range trading overnight throughout the Asian and LBMA sessions, gold and silver have both exploded this morning on the COMEX open.  Silver immediately burst .65 higher to 32.80, and gold jumped $25 to $1685.
This is absolutely classic textbook action with both gold and silver, as it appears likely that a bottom was made surrounding the option expiration calendar and coinciding with The Bernank's public propaganda lecture to GWU.  For those still trying to trade/time the market, silver options are settling tomorrow, 3/27/2012 and futures are settling on Wednesday, 3/28/2012.

Live 24 hours silver chart [ Kitco Inc. ]

And Gold:
Live 24 hours gold chart [Kitco Inc.]