Precious metals were hit quite hard after Thursday's FED minutes and followed through today as members hinted that QE may taper off sometime this year. However, right now we are in an area where probabilistic opportunity may exist despite the trend being down. Any further downside under $158 would break support, but a bounce up to $164 looks possible and certainly would be resistance and anything above that would indicate the bull is still very much alive for the intermediate term.
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