For the last few days, the markets have been selling off, this morning they are in a panic mode. Over the last couple of weeks, the Nasdaq, Dow, and S+P has fallen 7%. All the major indices are at a decision point, hold the bottom of support or breakdown.
At the same time Gold, Silver and Platinum continue in downtrends and are reaching a similar inflection point. Gold, Silver and Platinum have been in a downtrend for the last coupe of months, this morning Gold and Silver are at the same point of the indices. They will breakdown or rally.
We have been short since the downtrend began and will remain short. The 1900 level in December gold is a must hold or 1860 comes into play. December Silver must hold 24.00 or 23.00 is in play and Platinum which has been the strongest of the group must hold 860 January futures or 820 is in play.
The sell off in metals has been steady without the same panic we have seen in the indices, however either they hold here, or the panic will begin. One of the big issues contributing to the selling is the higher margins that were raised on Monday with election fears which has forced many of the weak hands out.