Gold had already cleared $1780, trading at $1783, and silver had traded to within pennies of $35 at today’s COMEX open, so to no one’s surprise, Blythe and her monkey’s immediately sprang into action on the COMEX open, defending the crucial levels as gold was knocked back under $1780 to $1775, and silver back to $34.65.
We have repeatedly discussed the importance to the cartel of $1780-$1800 gold and $35 silver, as once these levels are cleared lack of resistance will see gold run straight back to it’s all-time nominal high of $1915, and silver should make a $2.50 move to $37.50.
Today marks approximately the 95th time the cartel has defended $1780 and $35 over the past 2 weeks.
Unfortunately for the cartel, both metals are currently heading back for another challenge of $1780 and $35. It is only a matter of time before the cartel defense is broken, and they are forced to retreat and set up their defenses again at a higher level. There is simply too much physical gold and silver purchasing pressure at these levels currently.
Silver trading in Tuesday’s HFT algo:
Gold also trading in Tuesday’s HFT algo footprint: