Friday Metals recap, 10/25/2013

Quick update. I still have no position in gold or silver. Gold is up over 5% since my bearish post 2 weeks ago, when I thought the charts looked awful. They've improved (the weekly head and shoulders in gold turned out to be a false alarm). But ... I'm still watching the 144-day MA (purple, at $1360). If that's cleared on a daily close I'll move in, looking to sell half at the important dotted blue line ($1400) and more at the 200-day MA (red, at $1432), where I expect at least some very strong short term resistance. But that's assuming the 144-day MA is cleared, which I give at best a 50/50 chance.

Alternately, the (similar) 20-30 week MA "ribbon", which ranges from $1323 to $1361:
I consider that $40 interval a no man's land. Let's see if it can be cleared on a weekly close, which would be a good first step for those of us who think gold can still break $2000 in the next year or two.

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