SLV'60min
GLD'60min
Summary
With Bernanke speaking this morning, and the FOMC minutes not pleasing the market, we sure did see some major action in the precious metals market today.
There will no doubt be a huge number of annoyed traders, not least those trading without pretty tight stops. Those metal bears who exited at the open will be understandably dismayed to have seen the metals collapse across the day.
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Near term trend looks very unstable, and Gold is now on the edge of taking out the recent double bottom. If GLD <130, a quick drop to 120 looks viable...even within a single day.
