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Capitulation Signals Precious Metals Consolidation Nearing Bottom

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Published on Apr 25, 2013

http://goldstocktrades.com/blog

We witnessed a historically volatile week in gold and silver. This was the greatest panic in gold in over 30 years and is evidenced by the gap lower on Monday morning. However, despite all the negative sentiment and pessimistic analyst reports, gold closed near the high of the week and may look to close the gap between $135 and $145. Gold impressively closed above $1400 and made a hammer pattern indicative of a potential bullish reversal after an extended consolidation. Gold has been in a basing pattern since August of 2011 when we witnessed a parabolic move during the U.S. debt crisis. At that time we urged caution, while the same banks who are bearish now, forecasted higher targets. Savvy investors should use these bank reports as a contrarian buy signal for gold, silver and the miners. The technicals show a potential bottom and that the long term uptrend is intact. None of the fundamentals warranted this recent gap lower except panic and fear instilled by the same players who helped cause this entire financial mess. This widespread negative pessimism may indicate the consolidation and the panic may be coming to a conclusion.

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