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TECHS: Silver and Gold are off......>

PRECIOUS METALS
PRECIOUS METALS: TECHS: Silver and Gold are off their highs. The technical
patterns in both are interesting and highlight a contrarian signal against the
current risk-off theme that is currently driving markets.
- Yesterday we highlighted Silver's failure to close above the $18.740 handle
back in September, January and this week on Monday.
- As a reminder, this week's failure is the 3rd failed attempt and highlights a
growing risk that Silver will weaken near-term.
- Yesterday's sharp sell-off appears be the first leg lower with scope seen for
a deeper pullback towards $17.686, the Feb 18 low next.
- A close above $18.743 is required to reinstate a bullish focus.

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