Greetings! 

After witnessing a quiet open in Australia, the precious metals entered a mild corrective round of profit-taking. With gold trading off a little over $20 at its low, we then saw buyers reenter the market, pushing the price well off those lows.

Reports have surfaced of ongoing concern in regards to the European Union's sovereign debt crisis. Once again it is Greece that is in the forefront of traders' minds as talks continue between the private sector and the Greek government in an attempt to restructure the country's loans and keep them from defaulting. So far talks have not yielded any concrete results.

On a technical basis I still believe that both gold and silver could continue on their upward bullish track. However, I did raise stops last night as a precautionary measure only.

As always wishing you good trading,

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Proper Action

GOLD: Maintain Long @1580. On a technical basis, our next real level of resistance is 1750 per ounce. After reaching a high last night of 1740, gold came under pressure, triggering  my special alert to raise your stops below 1700. This is only a precautionary measure as it is still possible that we are forming a base rather than beginning a corrective wave.

SILVER: Maintain Long @28.10. Last night we also raised our stops in silver, placing them below 32.80.

MARKET FORECAST

Gary S. Wagner

Gold & Silver: In what is best described as a small corrective round of profit-taking last night, we witnessed gold and silver fall under significant pressure for the first time. However, once both gold and silver hit significant lows buyers did reenter the market and currently we have the precious metals well off of the lows of last night. 

 SILVER:

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