From the Desk of Ian Culley @IanCulley
One day of buying pressure doesn’t change the situation with precious metals.
Gold bugs were out in full force Friday, driving gold and silver to impressive gains that would excite even the least devout among them.
But don’t get your hopes up…
Precious metals stopped falling at a logical level of support.
Good, old-fashioned price memory triggered a standard response – nothing magical.
More importantly, nothing bullish.