From a respected blogger...

Regards - VHF

-

Blythe Hits The Sauce

December 30, 2010

Somewhere, on the upper East Side, Blythe is drowning her sorrows...but her sorrows have learned to swim. After desperately trying to suppress and raid the precious metals today, Blythe must be almost disconsolate watching tonight's action. Take a look at a 3-minute gold chart. Note the steady rise from the 6:00 EST open until this moment:

Not to be outdone, our friend silver is currently trading at a level last seen at 10:00 am, about 30.65.

Of greater significance, check out this 4-hour March11 silver chart. It sure looks like we are ready to blast higher. Blythe had better not have given the monkeys an early weekend because without their interference tomorrow, silver is poised to spring past $31.

Finally, one last chart update of our March USDX. It looks like one last leg down tonight, toward 79.20 before consolidation, a bounce and then a new move lower.

That's it for now. Let's hope the BoS continue to bury Blythe overnight. A close above 30 tomorrow would be huge. Above $31...well, let's not get carried away...yet.