Peter Degraaf (itswell service) writes this morning...

Gold and silver are trading lower in Europe this morning.  In the event that prices close at these levels, it will confirm that the top we saw in the metals two weeks ago is going to hold for several months, possibly till August or September.  Buyers will likely be able to move price back up to the 975 area in April or May, where I would expect an ABC top to be put into place.  The best the bulls can hope for today, is an upside reversal.  Don’t give your gold away at these prices!  The fundamentals continue to be bullish for a number of years.  The current price decline will simply turn out to be a buying opportunity when it is viewed later on.  I am 100% invested, no margin, and continue to scrape out bank accounts and drawers and cookie jars, to buy more physical gold and silver.

The big picture is bullish, the 50D and 200D are in positive alignment, and both are rising.  The pull-back in gold was not caused by physical gold sales, but by the selling of ‘paper and digital gold’.  As long as the fundamental picture is bullish (and it is), then physical purchases will drive gold higher again.