I reckon gold will bounce off the $ 1275 - 1325 level. $ 1600 next target. Silver will probably drop back to second fib level on the down to around $ 26.5. February could be very explosive for gold and silver. Especially in the case of silver. Massive (record) March contracts for silver at the COMEX. There is no chance delivery will be met by JP Morgan. All those funds involved are going to demand physical and JP Morgan will have to settle with cash at a premium again. Market is privy to this and the related silver shortage which will push the white metal strongly in February I believe. Reckon next week is the last week of weakness for gold and silver. Things to turn around in February I think.
Funny how the shorting of silver at the COMEX no longer has the pull it use to have in moving the price of silver backwards. At the end of the day silver futures and silver spot are only indirectly related. I understand that the relationship is mainly psychological as well as black boxes reacting to COMEX futures contract numbers by buy/selling physical on the spot market. You would think the psychological element is weakening and people are re-programming their black boxes, lol...
