Now We Have to Reckon With a Gold and Silver Price Correction Lasting Two to Four Weeks

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Today the gold price fell through its 20 DMA (1,159.04). That sets up two diverse targets: about $1,100 lateral support coinciding with an $1,094 50 DMA, OR $1,085 (the 25% correction of the Nov. 2008 to Dec. 2009 move and 38.2% correction of the end-April 2009 to Dec. 2009 move.) Now we have to reckon with a correction lasting two to four weeks. Remember, though, that the sharpest plunge comes at the first, then it begins trading up and sideways.

Now We Have to Reckon With a Gold and Silver Price Correction Lasting Two to Four Weeks