Greetings!,

The reaction that the precious metals markets had after Ben Bernanke's press conference can best be described as tepid - at first - almost like a knee jerk reaction frozen in time before the real deal. But reacted it did.  

Today, on optimism that the Federal Reserve will increase stimulus measures to help jump start the U.S. economy, the precious metals began to move to the upside again.  

Most interesting to me is the time lag between reports and reactions. The optimism traders have been attempting to let surface began with last week's jobless claims, although no strong reaction in terms of higher pricing for precious metals was evident at that point.  

Bernanke's press conference produced nominally higher prices in gold and unchanged silver prices yesterday. But it seemed as if traders were nodding off. Did they need the whole night to ponder recent events?

Whatever the case, this new news is now being factored into current pricing of the precious metals markets. 

 As always, wishing you good trading,

       Today's video 

 Subscribers

Log-in

Proper Action

 GOLD & SILVER :

 Gold: Maintain long in gold @ 1650 avg Stop below 1623 

Silver:  No Position  Buy Trigger should be issued today or Friday

MARKET FORECAST

Gary S. Wagner

Gold & Silver:  on a technical basis both gold and silver seems to have held critical support levels. In silver, the 61% retracement of the most recent rally put our support at 30.52. Although the lows were below that support level, closing prices were not, and silver did in fact hold that support level. Critically, gold also traded to the bottom end of our support level drawn off our triangle correction and held.  

Gold Chart

 Silver Chart:

Copyright (c) 2009 - 2012 Wagner Financial Group