Looking For Support

Now don’t go getting all freaked out on me. The Wicked Witch told you back on Saturday that they would try to keep things under $37. http://www.youtube.com/watch?v=Et02g9OQ-LM
Silver made it to $36.75 on Monday morning so I’d say she was pretty close.

Since it would get awfully boring if things went straight UP every day, we should all be glad for the occasional down days. And that is what we have here. No cause for alarm…yet.

On the gold chart, you can clearly see that the area around 1410 should act as strong support. We’ve already seen a low of 1415. DO NOT be surprised to see a push below there, toward the 1410 level before 10:00 am EST. I bought some April $1430 calls overnight as I had hoped that 1422 would hold. Nuts. I’ll buy some more at 1410 and we’ll see if I’m right.

In silver, the $35 level looks strong but 34 looks even stronger. We’ve seen 35.08 overnight. I wouldn’t btfd just yet. Let it go down and test 35 again. If $35 doesn’t hold, I’ll be looking to bt2ndfd at near 34.

I’ll keep you posted. TF

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