Greetings!, When the U.S. Federal Reserve chairman Ben Bernanke speaks, the world listens, and listens closely. Precious metals dropped to their lowest prices in many weeks, with the steepest one-day drop witnessed this year. In today's testimony to the U.S. Congress, the Federal Reserve chairman remarked about signs of improvement in the U.S. economy and pointedly made no mention of any new additional rounds of quantitative easing. As continued and aggressive monetary easing had been factored into the market, traders began to unwind long positions, taking profits under this new assumption. On a technical basis today's video will discuss my current belief that we have completed the first of three upside impulse waves, wave one. We will also look at potential pivots or targets for the beginning of March, 2012. There can be no doubt that today's sell-off in the precious metals markets took many traders and analysts, including myself, by surprise. I was once told that a technician is much like a passenger of a large ship watching the waves on the back of the ship. The technician tries to forecast the direction of the boat based upon the wake that he sees. However, only the captain knows when he will turn the wheel. Captain Bernanke certainly turned the wheel hard today. As always wishing you good trading, Executive Producer | 
