After consolidating and holding support throughout the overnight Asian and London sessions, gold & silver have once again been treated to a waterfall decline on today’s COMEX open, with silver breaking below substantial support at $20, and gold plunging towards $1280. *Update: While gold has bounced off support at $1280, recovering all of it’s losses at one point, silver has not been allowed to recover from the COMEX open smash, and is again plunging into the access market close with a last of $19.70!
After initially popping back
above $20, silver futures were relentlessly dumped throughout the
duration of the day, with a last of $19.70 going into the access market
Gold was smashed along with towards $1280 on the open, but spiked to
recover all of its early losses, and is now consolidating around $1288:
If silver fails to recover and
close above the $20 level today, a re-test of the $18.50-$19
bottom/support becomes likely, co-incidentally setting up to coincide
with the end of the London silver fix on August 14th.
Get ready to back up the truck!
Original post thanks to Silverdoctors.com