Gold encountered its 50 DMA and the 50% Fib level then pulled back slightly. Silver encountered its 100 DMA and the 61.8% Fib and pulled back a bit. Currently the odds favor a bit of short term consolidation for gold and silver - just below the 50% and the 61.8% Fibs respectively.
Investors & Traders need not worry as I do not expect a pullback to be deep. Shorts, hedgers and those with no gold or silver holdings should use any weakness and buy aggressively. My wave count analysis on all time frames implies that gold is at extremely bullish phase, shorting is a death wish!
Below are intraday charts for Gold/USD (XAUUSD), Gold/EURO (XAUEUR), Gold/YEN (XAUJPY) & Silver (XAGUSD). All wave counts are synchronized indicating high reliability. (Click on the charts to enlarge)
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