Auguries - October 12, 2012
Nothing Sinister Here
Kevin Michael Grace

Gold was down (at press time) $12.60 (-1.3%) for the week to $1,769.60, and silver was down $0.94 (-2.8%) to $34.08.

According to the Dan Norcini at King World News October 10, $1,800 “has been a critical resistance level that has now been reinforced three times. This level has a great deal of technical significance because the bulls have attacked the $1,800 area on those three separate occasions, but each attempt has been rebuffed.”

He continued, “Until gold can extend through $1,800, we are going to stay in the near-term bearish bias… The way gold has traded is very reminiscent of how it traded when it was back at the $1,600 level. We had a couple of months where gold had fierce resistance at the $1,600 area, until gold broke convincingly above that zone.”

Read more about gold prices here.