Poor night for the precious complex with gold down to USD $1320 and silver struggling to get back above USD $22

Jordan Eliseo
Jordan Eliseo ABC Bullion

Poor night for the precious complex with gold down to USD $1320 and silver struggling to get back above USD $22. Weakness not surprising in light of strong rally in the USD, and incredible Chicago PMI with all markets reacting in a 'taper on' manner. Real action was across the pond in Europe, where we saw retail sales in Germany fall and French consumer spending slip.Those were minor points though, as the main issues were the incredibly low inflation print (0.7% y.o.y) and the unemployment rate, which hit 12.2% Euro wide. Youth unemployment downright frightening across the continent - 23.1% in the Euro area and over 50% in some states. If this is what economic recovery looks like in 2013 and beyond, then heaven help us. ECB will be expected to act soon For gold bulls - $1270 reverse head and shoulders support - if break lower then June re-test possible

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