In a slight alteration to the recent algo pattern of hammering the metals on the daily COMEX open, gold and silver were sold down hard on Friday’s London open, and have subsequently made strong vertical moves to the upside on the COMEX open.
Silver was hammered to a $27 handle overnight, with gold trading nearly back to $1560, but silver has shot nearly $1 higher to $29.89 on the COMEX open, and gold nearly $30 higher to $1588.
Can’t allow the price to remain at deep discounts for stackers over the weekend, now can we?
Capitulation bottom in silver near $27.90? Moving strongly off the level in early COMEX trading:
Silver needs to place a weekly close above $28.50 to prevent a further continuation of the current decline early next week.
Gold did not quite reach last week’s lows near $1550, as massive buying emerged near $1565: