Greetings!,

It seems as though bullish sentiment has returned in the precious metals and U.S. equities markets today. As we have discussed over the last few weeks, much of gold's premium that was based upon continued quantitative easing and the E.U.'s debt crisis had been removed from gold's current price.

This current rally could be adding back that premium. Last week, for the first time this year we heard the Federal Reserve mention that QE3 is still on the table. Reports regarding economic weakness in the European Union also fueled concern about the European Unionss debt crisis.

The U.S. dollar continued its downward slide, as crude oil prices continued to rally to the upside. These two outside markets were bullish influences on the precious metals markets today. 

 As always, wishing you good trading,

       Today's video 

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Proper Action

 GOLD & SILVER :

 Gold: Maintain long in gold @ 1658 and 1642 (1650 avg) stop below 1623

Silver:  Maintain  Long @ 32.91 and 32.02 (32.46 avg) Stop below 30.52

MARKET FORECAST

Gary S. Wagner

Gold & Silver: last week I described the potential bottom and key reversal in gold as a duck. If it looks like a duck, walks like a duck and quacks: it must be a duck. On a technical basis it does appear as though we have concluded our corrective wave two and have begun an intermediate impulse third wave. However, as we will discuss in today's video, absolute confirmation will come if gold is able to break above 1791, the most recent top. A break above this interim resistance area would give absolute confirmation that the correction has concluded. Today's video will also look at upside targets based upon a break above 1791 in gold.

Gold Chart

 SILVER Chart:

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