Forward is the direction of the price of precious metal | stock market |

TF Metals writes:


"Forward is the direction of the price of precious metal. We have been in a 3-week mini-correction, almost identical in duration and magnitude to the counter move of January 2011. Back on Saturday, I gave you projected lows of $1700 + 10 in gold and $31.50 in silver. So far this week, we have seen the Dec12 gold trade down to a low of $1698.70 and the Dec12 silver reached $31.53. That ought to do it.


"I firmly believe that we have now seen the bottom of this pullback. Though a V-shape with no retest is possible, we must still expect some angst and volatility over the next 3-5 days. The fresh shorts will not give up easily so expect them to attempt to game every opportunity to restart the momentum to the downside. Again, as The Old Man says: Let om. They won't be successful. ..."


Click through for the rest of the analysis and charts.

Via Hal