5:30 am PST. Gold and silver keep dropping. I see support for gold at 1220, but that might not be final support, just some modicum of support for today. I am taking this one day at a time depending on how the pattern looks at the open and at the close. I had written the other day about gold “these types of patterns can produce waterfalls”, and then suggested it unlikely. But if it turns out that I am right about how these patterns can produce waterfalls…I do not want to make any predictions now. Now just trading it tick by tick.

The USD/JPY looks higher this morning as well. It provides useful information, in addition to other factors to consider in context.