| Search by tag or site | Login to my blog ▪ Start my own blog |
 |
A Global PerspectiveThe New Global Standard for Wealth Creation |
Precious Metals Acting Very Firm
Posted on 09/25/2006 16:38:50 | Link | Post Comment
0920 EST Friday January 20 2006
Good Morning: The rebound in Gold and Precious Metals has occurred much as we outlined a few days ago, when we suggested that the yellow metal was consolidating around the $550 price range and that following a dip below it, to test the $540 support, the Gold market rebounded astonishingly briskly and not even talk of a pullback by many has been able to hold it back, it may have even helped the metal higher as is often the case. Making new highs on a Friday near the end of the first month of the year has to have the Gold shorts very worried as the next resistance level is actually up around $730, being the secondary high in Gold of 1980 and one would assume that if we can get past the $600 ~ 650 range, then this number too could be slightly exceeded, perhaps putting $750 within sight. We have a bit of resistance around the $565.5 level which we are a dollar or two away from, so we have to see how Gold responds to that number this morning, but closing at a new 25 year high yesterday, has so far indicated the increasing strength of Gold and its ability to continually rebound from each pullback. What has been also telling, is that as we are accelerating higher as we proposed would increasingly occur many months ago, the amount of time spent by Gold at each new high resistance level has so far been less and less, which is the way one would expect a runaway bull market to behave. Silver also is trying very hard to break out towards the magnetic pull of $10 per oz.
As we reported a few days ago, there appeared to be a disconnect between a lagging Gold price, to the CRB Reuters Inflation Index still making new highs, this morning it appears as if Gold is responding more vigorously to close that gap which continues to expand as grain prices begin to look as they also may be in the process of bottoming out following a half-year long shakeout causing prices to tumble...
Trade Well
From the Desk of Savant
Good Morning: The rebound in Gold and Precious Metals has occurred much as we outlined a few days ago, when we suggested that the yellow metal was consolidating around the $550 price range and that following a dip below it, to test the $540 support, the Gold market rebounded astonishingly briskly and not even talk of a pullback by many has been able to hold it back, it may have even helped the metal higher as is often the case. Making new highs on a Friday near the end of the first month of the year has to have the Gold shorts very worried as the next resistance level is actually up around $730, being the secondary high in Gold of 1980 and one would assume that if we can get past the $600 ~ 650 range, then this number too could be slightly exceeded, perhaps putting $750 within sight. We have a bit of resistance around the $565.5 level which we are a dollar or two away from, so we have to see how Gold responds to that number this morning, but closing at a new 25 year high yesterday, has so far indicated the increasing strength of Gold and its ability to continually rebound from each pullback. What has been also telling, is that as we are accelerating higher as we proposed would increasingly occur many months ago, the amount of time spent by Gold at each new high resistance level has so far been less and less, which is the way one would expect a runaway bull market to behave. Silver also is trying very hard to break out towards the magnetic pull of $10 per oz.
As we reported a few days ago, there appeared to be a disconnect between a lagging Gold price, to the CRB Reuters Inflation Index still making new highs, this morning it appears as if Gold is responding more vigorously to close that gap which continues to expand as grain prices begin to look as they also may be in the process of bottoming out following a half-year long shakeout causing prices to tumble...
Trade Well
From the Desk of Savant
- The Ultimate Gold Hedge
- The Ride Of Your Life
- A Pre-valentine's Day Rally
- Gold Soars As Wall Street Falters
- Dreamtime On Wall Street
- March 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
- August 2006
- July 2006
- June 2006
- May 2006
- April 2006
- March 2006
- February 2006
- January 2006
- December 2005
- November 2005
- October 2005
Examples
Morpheus Trading - Mon Jul 21, 2008 08:33AM
NOTE: Please click on the charts below to enlarge them if [read more]
NOTE: Please click on the charts below to enlarge them if [read more]
Morpheus Trading - Mon Jul 21, 2008 08:31AM
NOTE: Please click on the charts below to enlarge them i [read more]
NOTE: Please click on the charts below to enlarge them i [read more]
Millionaire Now! by Larry Nusbaum - Tue Jul 22, 2008 09:23AM
Hedge funds have made billions this year shorting the banks, [read more]
Hedge funds have made billions this year shorting the banks, [read more]
<< My Home | TheMoneyBlogs Home