Shorters getting desperate here - trying to cap the rise?
Huge volume so far today. 850k in just the first 2 hrs.
PM miners doing well almost across the board.
There's a sense that this time gold and silver could be breaking out of this long standing capping.
Levels to watch:
$1220 has served as major resistance in gold since February. A clear breakout above the $1220-$1230 level (and through the 200DMA at $1222) will likely see gold run to $1315 before the cartel digs in.
Silver up over $1 in the past 24 hours, and also appears to want to break through resistance at its own 200DMA at $17.25:
With a Greek default/GREXIT now seemingly imminent, we suspect more than a few funds suddenly have found the gold/silver religion (even if it is of the faux paper variety) and no longer wish to be naked short gold and silver near multi-year lows…
MML Price at posting:
$1.01 Sentiment: Buy Disclosure: Held