Silver consolidates around the 50% Fibonacci line. Support at 11.63$, trend line support at 11.20$ and raising, resistance at 13$.
Gold had a technical failure of minor proportion, the (C - 2) low on yesterday chart failed to hold. Yesterday wave count is modified to reflect the technical failure. There is nothing to worry about for investors but highly leveraged traders took a hit. The
Inverted head and shoulders pattern with price target of 677$ that I mentioned here is still in play - I believe, coincidently today low was the pattern neckline. Overall the downside for gold is limited while the upside potential is high.
Click on the chart below for enlarged view:
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