After consolidating throughout the Asian and London overnight sessions as well as Monday’s COMEX session, the cartel just launched an access market water-fall decline raid in gold and silver, smashing silver under $34 to$33.90, and gold under $1760.
Massive buying instantly emerged with sub $34 silver and sub $1760 gold, and both metals have already regained the technically important levels.
If gold and silver are not able to stay above $34 and $1760, look for the metals to retrace their gap-up on Thursday’s QE3 announcement- meaning a retracement to $33 and $1730 would be likely. Should these retracements occur, this would be an excellent entry point and should be met with professional accumulation (heavy stacking…aka STACK THE SMACK!!) in our opinion.
Silver’s waterfall decline through $34:
Gold’s waterfall smash: