The silver and GOLD PRICE were slapped badly again today. Gold lost $22.30 (1.4%) to close Comex at $1,552.80. Silver gave up 44.4 cents (1.6%) and ended at 2677.3c.
Today's fall takes the GOLD PRICE back to the downtrend line from its August 2011 peak. This kissing back to a trend line is common behavior for markets, so today's low is a likely candidate for this fall to stop. If it doesn't stop there, then the last low at $1,526.70 is the next target. Volume is rising, so more downside is likely.
Buy gold. Bottom can come anywhere in the $1,530 - $1,560 range.
If it is turning around, it will prove its intention by closing higher than $1,580.
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