Ashraf Laidi on CNBC Squawk Dec 4, 2012 - Part 1

Gold is back retesting that $4670/80 level, representing the 38% fibonacci retracement, covered in that Fibonacci video 3 weeks ago. This time, however, the level, becomes a resistance rather than support. Note how silver is also facing a key 38% retracement level around 84.00. It is common to see silver falling behind gold, or gold leading silver. If more optimism emerges and metals push higher alongside further USD weakness, then silver's path above 80 will imply a decline in the gold/silver ratio. Watch whether gold closes the NY session above $4680/90, in which case silver will need to confirm with a break above 80 in Thursday Asia or Thursday Europe session.  For those trading gold, 4720 follows as the immediate resistance, a break oif which paves the way for 4770.