Thursday, October 7, 2010
Precious Metals Reverse As Euro Slides
Gold and silver are working on outside reversal days as the Euro is coming off its early morning peak. We may have just witnessed a top in these markets. Stocks are moving lower as well. I am looking for the Qs to come under yesterday's low of 48.91 for the downtrend to accelerate. The SP500 and the Dow both popped to new rally highs and are declining impulsively. While it is way too early to be certain, it appears that wave C down may be underway.
Posted by R. Craig Pritchard at 9:52 AM