US Spot gold at $418 took out support at $420 a few minutes ago. Last line of defense is now around $412 which is the long term bull market trend line IF this breaks things get really interesting. Technical signals on gold and silver look awful and very bearish.
The gold bulls were saying that US employment data would show a weak economy, they were wrong, numbers were very positive (previous month was also revised upwards). Dollar is now building support. IMHO the chance of taking out $412 is now very real, the bears will short heavily if this breaks.
This will impact Aussie golds and specs for months, until we can get a basing process underway. There will be lots of opportunities to buy good specs at lower levels, later.
Beware of sellers, they are taking advantage of uninformed bulls.
