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<p>[QUOTE=&quot;InfleXion, post: 1682211, member: 29012&quot;]I think that we have hit the bottom and are on our way to rising again, primarily because the Large Commercial Net Short (LCNS) positions are equal to their lowest levels in a decade. The big boys are ready to go long, and that appears to be confirmed by today&#039;s moves during NY hours which is very often a down move, but today was a decisive uptrend.</p><p><br /></p><p>Additionally, anything sustained much lower than where we are would break the QE1 uptrend from 2008. We arguably dipped beneath it this week but are now back to the steady hill climb. As money printing has only expanded since then it does not make sense for that trend to break until and unless interest rates go up, but interest rates can&#039;t begin to rise until QE stops, and with today&#039;s jobs numbers there is little doubt that QE must continue.</p><p><br /></p><p>The line in the sand for gold is 1600, where its wedge that began at $1900 reached fruition. If gold holds below 1600 expect downside. If it holds above 1600 expect upside. Right now we are watching the struggle unfold for 1600 which is yet to be decided. Silver will follow gold&#039;s lead, and gold&#039;s move will most likely be decided by the integrity of the banking system. If people lose faith in banks then we will have another 2008 or worse, all paper will be sold, and we will get firesale prices on gold and silver as long as inventory is available before the next big leg up in this bull market. If faith in banks is maintained then we should see a more gradual rise with little downside, since this would have been the bottom.[/QUOTE]</p><p><br /></p>

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