Although Silver is getting hit in after-hours trading, Gold is hanging tough, at least so far. Still, I doubt that the so-far early-evening low at 1293.10 will hold, since that’s fully 80 cents below a midpoint support associated with a ‘d’ target at 1290.90. That’s my minimum downside target at the moment, and because it was also an important resistance on the way up, it’ll make a logical place to try bottom-fishing. You should do so via camouflage on the lesser charts, however, since 1290.90 is closely coincident with a too-obvious low at 1290.60 on the hourly chart. _______ UPDATE (3:50 am. EDT): I’m not sure whether tonight’s 1276.20 low is real, since it shows up as a single-bar swoon even on the one-minute chart. If it is indeed genuine bulls should take heart, since it demonstrates that the sleaziest sleazeballs in the commodities world are buyers of gold now if the price is right.
