HEADS ARE GONNA ROLL: GOLD AND SILVER UP AGAINST A SPIKED WALL OF RESISTANCE
I tweeted earlier today that gold and silver were reasonable short sale candidates at these levels. Here are the charts outlining that view.
This has been a rather weak reaction in the precious metals to what is almost a guaranteed QE3 at this point. What that says about the potential for success of this new round of QE is another debate all together. What I am focused on here is the stiff resistance that both gold and silver face here in the form of trajectory points. The upside for gold from this point is especially daunting.
click chart to enlarge
GLD
SLV
