The market still shows interest in marching for the 600 level in the short run. But a break of the 540 area support will negate this and instead, we will have to see some more base building before the next run-up.
More Quotes from Peter Spina:
The buying over the last two days in gold has been in Asia, with the Europeans and Americans acting a bit nervous.Peter Spina
Silver is taking center stage ... with the news of Barclays' silver ETF a step closer to possible approval. We have some gold investors moving into the silver market.
Peter Spina
The typical investor has yet to discover the attractiveness of this asset -- the gold price is just starting to reflect this move as investment dollars flow in.
Peter Spina
The real action remains in silver, taking away from gold's luster.
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Uncertainty on future FOMC interest-rate hikes, with a strong bias of at least another quarter-point increase at the next meeting, gave the U.S. dollar a lift after the FOMC decision Tuesday afternoon.
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