Dear readers, The year is coming to an end and volume is low , meanwhile gold managed to retrace to the 61.8% Fibonacci line of the latest 38$ correction. An up to date intraday chart with Fibonacci lines is posted below.
It is widely known that central banks hold significant amount of gold and actively participating in the gold market both as buyers and sellers. What is much less known is the exact way in which central banks count their ounces and perform their gold transactions. Neal R Ryan the director of economic research – Blanchard and Company Inc. published an interesting paper about this issue. The paper
Dear readers,Spot gold 4 hours intraday chart annotated with the latest Fibonacci lines is posted below, click on the chart for larger view.
Dear readers,I'm posting two charts:Weekly spot silver chart annotated with Fibonacci levels and uptrend line. Long term silver chart. Previous silver charts and commentary
Dear readers,Don’t be surprised to see Higher USD Index along Higher Gold price.See also : HUI BreakoutBelow are daily charts of Gold in Euro and Gold in Yen, can you see the inverted head and shoulders patterns?
Dear readers,The US Dollar Index (USDX) is approaching its Head and Shoulders pattern target (~81.5). The Elliot Waves count on the 3 years weekly chart indicates that once {c – C –(B)} bottom is in place a sustained 5 waves upward move ( Wave C) should start and it will probably last at least one year. Looking at the 20 years chart it is easy to see that the USD index can go a bit higher then
Dear readers,Spot gold reached the head and shoulders target. On an Intraday basis I see significant resistance at 648$ , In addition my Elliott wave count Indicate that gold have completed or is very near to complete a 5 upward wave pattern. I conclude that pullback is likely from here but not lower then 590$.
Dear readersPlease review :Interesting paper by Martin W. HenneckeElliot Wave Gold Update X by Alf Field Tarapore, former deputy governor, Reserve Bank of India and economist, has strongly advocated for increasing the proportion of gold in the country’s forex reserve.MUMBAI, NOV 28: Underscoring the benefits of diversifying foreign exchange reserves and the uniqueness of gold component as part
COMEX Metal Futures on the CME Globex PlatformNew York, N.Y., November 21, 2006 -- The New York Mercantile Exchange, Inc. announced today that it will expand COMEX metals electronic trading to include side by side trading, COMEX miNYs, Asian metals, and London metals futures contracts on the CME Globex® electronic trading platform beginning on December 3 for trade date December 4.NYMEX will
Today at 11:38 (GMT) CBOT Gold Futures Contracts took a deep of about 20$ then fully recovered in less then one minute. About 1100 contracts traded (110,000 Troy ounces) for the ZG contract, According to the CBOT website the mini gold contract (YG) traded as low as 608.8$ while the full size contract (ZG) low was 604.0$.At the same time NYMEX – COMEX gold contract (GC) was quoted not lower then
Dear readers Gold and silver have performed well the last several weeks. Gold bottomed at 558$ and is up 77$ since then. Gold and silver have managed to overcome the diagonal downtrend resistance coming from the May top, the event draw lots of attention and market participation is and was high. Please note that I do see signals of short term topping and even in a relatively bullish scenario the
Dear Readers, Few short notes.1) October low is higher then June low.2) Inverted head and shoulders pattern is in place (price objective =~642$)3) Areas of resistance = 644$ - 648$, 676$, 730$.4) Today's minor pullback is uptrend constructive in my opinion. See also Platinum charts analysis, below is 8 hours intraday (24 hours) Spot gold chart.
The Intraday (10/24) bullish reversal for gold and silver certainly support the bull case. Below are weekly charts for spot gold and silver annotated with Fibonacci and support resistance diagonals.
Dear readers,I'm posting a spot gold chart with the latest Fibonacci set for your convenience.For more charts and info browse the archive , see also goldandsilverstocks.blogspot.com and cmd-chart.blogspot.com
Gold might be finally bottoming and higher prices are about to follow. Obviously it is not guaranteed and any market participant should make his own decision. I would favor initiating long position at current prices while keeping enough cash for averaging down or up.The two charts below present the case for what I assume to be important secondary bottom of this great global gold bull market.
Dear readers,I'm posting Gold/Euro and Gold/Yen Fibonacci charts for your reference, notice the stochastic crossover.click on the charts for larger view.
Some of the latest gold market news from around the world:Singapore gold fund trading starts next weekSINGAPORE, Oct 5 (Reuters) - StreetTRACKS Gold Shares (GLD.N: Quote, Profile, Research), the world's largest gold exchange-traded fund, would be cross-listed in Singapore next week in a move to capitalise on Asia's growing fondness for bullion.It will be listed on Oct. 11 on the Singapore
1) The Dow Jones Industrial Average made a new all times closing high of 11,727.2) Gold is sharply lower. Cbot gold trading had another serious malfunction today (not the first one this year…), AMEX GOLD BUGS INDEX is down 6.67% for the day.3) The Dow / Gold ratio is nearing completion of an A-B-C correction wave – in my opinion.4) The Gold/Oil ratio closed above its 200 weekly moving average
Silver - Poor man gold as some calls it. Silver is one of gold best sentiment indicators. Silver is more volatile then gold, sometimes tend to lead while other times just follow gold. Other then serving as a sentiment indicator for gold, silver is a tradable item by itself. From a Technical point of view it seems to me that silver (like gold) has just completed an important secondary bottom which
If gold will find it way up sooner then later and the 570's USD levels will prove to be an important secondary bottom then the Fibonacci lines on both Spot and Futures gold charts will act as short term support and resistance levels. I'm posting these two charts annotated with diagonal minor uptrend lines. For GDX, HUI, and XAU – Fibonacci levels, refer to these posts(You can click on the charts
Central Bank to increase gold metal reservesRBC, 21.09.2006, Moscow 18:45:08.The Bank of Russia intends to increase the volume of gold metals in Russia's gold and foreign currency reserves, the Bank's First Deputy Chairman Alexei Ulyukayev told the State Duma budget committee today. The share of gold in the country's gold and foreign currency reserves is 3 percent at present. If the volume of
Look at the weekly chart below then look at the intraday chart at the previous post. Can you see the significance of the 570's for spot gold?Strong resistance at 610's for spot gold but if gold will start climb back up – (I think it will) almost no resistance from 570's to 610's.That's all for now.
The gold and silver charts looks ugly BUT the price of gold and silver is just around the 50 weekly moving average and some horizontal support. Fundamentals still in place. I think that the market is saturated with short side speculation. Long term conservative investors and physical buyers should use the opportunity and increase their regular purchases. See previous posts for relevant Fibonacci
Dear readers, few short notes:1) Seasonality, depressed sentiment and Euro relative weakness have all brought to an extremely short term oversold condition.2) The silver chart looks better then the gold chart.3) In my opinion global geopolitics along global economy developments certainly support higher gold price but not necessarily lower USD index.4) Long term wave (III) trend lines are
Gold broke down from a triangle pattern but the downside has been pretty poor – the bear trap scenario might be in play (browse the archive for more details). Bear side speculators must be disappointed and might soon suffer great loses.
Possible construction of slightly higher gold low. ZGZ6 Contract (CBOT December gold futures) - Fibonacci, intraday chart below (enlarge chart for better view).Reform on the cards for the IMFBelgium or India? Which has more clout when it comes to decision making on loans to developing countries and on global economic stability?Despite India's economy being about twice the size of Belgium's and it
Gold found some kind of bottom at 607$ and currently trading about 20$ higher. Below is spot gold bid price 120 minutes candles chart. August was not a good month for gold but there is still some time for repairs. The chart is annotated with new short term Fibonacci numbers and minor Elliott wave count for your convenience.For the watch list - VGZ , MNG - charts
Gold supply demand analysis papersTwo reports, the first is by the World Gold Council (WGC) and GFMS, published each quarter.Gold supply demand analysis report IThe second report, the Yellow Book by Virtual metals / Fortis bank, published twice a year.Gold supply demand analysis report IIThe reports are worth reading and basically present the same information. However, each rely on different data
Dear readers, I'm deeply sorry for posting less lately.I decided to trade more and post less.See the latest HUI technical overview.I will do my best to keep you up to date with any major gold technical and fundamentals developments.
Below are two intraday charts of spot gold, each with two sets of Fibonacci lines and stochastic indicator. Gold broke down from the triangle formation, it's a head fake in my opinion and I did mentioned this possibility Gold and Silver –Charts & Commentary">here. Click on the charts below to enlarge
Some of you will find this information valuable: Investing the Middle Way: Guide to investing in gold and silver bullionLater...
GOLD TRUST (GLD) BEGINS TRADING ON MEXICO’S BMV-sourceSilver consolidates around the 50% Fibonacci line. Support at 11.63$, trend line support at 11.20$ and raising, resistance at 13$.Gold had a technical failure of minor proportion, the (C - 2) low on yesterday chart failed to hold. Yesterday wave count is modified to reflect the technical failure. There is nothing to worry about for investors
Just a quick reminder:1) The price target for gold remains ~1000$ for 2006.2) Gold will rally regardless of the minor fluctuations in paper Forex markets.3) The best way to play gold is gold.4) The price of gold will be determined by gold market internal factors.
The count on the chart below is inline with previous counts. This is the minor count for Major Wave (iii - III). Elliott Wave is important technical tool which can help and improve your market timing. If you are new to Elliott Waves – see this Elliott Wave Tutorial by EWI (needs registration).
The US Federal Reserve decided to leave Interest Rate Unchanged at 5.25 Percent, Its First Pause in 2 Years. The gold market reacted with modest rally, somewhat abnormally but certainly not surprising - gold immediately sold off and traded at the low for the day. Looking at the daily chart, Same Elliott wave count, this is wave (iii of III), triangle formation which will break to the upside in my
The gold market has been pretty boring the last few trading days. Gold is stuck in a relatively tight trading range (638$ - 656$) – see the first gold chart below. Looking at the 3 month gold charts – gold formed a triangle pattern which is not yet completed. The pattern is similar for Gold/USD, Gold/Euro and Gold/Yen. Silver already broke above its diagonal resistance and consolidates around the
Might be worth to repost this:(Originally posted Saturday, January 21, 2006)Gold is neither holy nor sacred; I do not worship gold or anything else for that matter. The purpose of this site is to share my thoughts, knowledge and charts.Many analysts tend to explain the movements in the price of gold with political events, I disagree about that. In my opinion the price of gold doesn't have much to
Silver is clearly on the lead, already trading above the July top, gold will soon follow.China should actively manage 20-30 pct of forex reserves - govt economistBEIJING (XFN-ASIA) - China should set aside 20-30 pct of its foreign exchange reserves to be actively managed, a government economist said.Xia Bin, head of the financial research institute within the Development Research Center, a think
Good day for gold and silver. Gold moved higher to test resistance at the 38.2% Fibonacci line (see the first chart below), 50% Fibonacci line at 639$ - previous resistance is now first short term support level.Click on the charts below to enlarge:
Last few days gold is trading in a relatively tight trading range, Bollinger bands (MA= 50, STD =2) on the one hour charts are tight and a breakout one way or another should soon follow. As previously said, I expect gold and silver to move higher but it is possible that gold will first move little bit lower (~620$) – a final speculators shakeout.As you can see on the one hour spot gold chart
Like gold, silver recently had serious a-b-c correction wave (15.21$ - 9.42$). Silver bottomed below its 200 DMA, rallied to the 50 DMA (wave i) then pulled back slightly (wave ii).Recently silver succeeded to close above the downward diagonal line connecting the May top and the wave (i) top. Currently the price of silver is above the 50 DMA. In my opinion- silver along gold is headed much higher
Some statistical information regarding this blog visitors.Data since December 20 , 2005 :1) 92,119 Visits for a total 230,469 page views. About 55% of visits are returning visitors and 45% new visitors.2) Geographic location: 55% of visitors from the United States the rest are coming from 99 other countries. Other then the USA most visitors are coming from: Canada, United Kingdom, Singapore,
It was a good week for gold despite the futures market rollover shenanigans. Spot gold traded between 603$ and 641$. The price of gold is quick to recover the recent slump, in my opinion value buyers are quietly accumulating. I didn't notice any important news regarding gold and the price behavior is technically normal.Just before the close of the COMEX trading I noticed an unusual temporary up
Gold surprised me on the upside today, climbing more then expected. But currently the price of gold is back inside the range I indicated (633$ - 618$). Don’t read me wrong, I fully expect gold to move much higher then 633$ and quite soon.Russia's gold and currency reserves up $7.2 bln in weekMOSCOW, July 27 (RIA Novosti) - Russia's gold and foreign currency reserves grew by $7.2 billion to $262.9
The channel on yesterday chart didn’t hold but gold managed to climb higher after an initial deep. It seems to be the norm for now, If you trade gold on a short term basis you might want to wait till the NY – COMEX exchange do their thing.Who said gold don’t yield?Chinese banks step into gold leasing businessRecently, Heraeus Zhaoyuan Precious Metal Materials Co., Ltd. and the Zhaoyuan Branch of
1) Gold retraced about 61.8% of yesterday move. 2) The Price of gold formed "V" shape bottom again.3) Today low is higher then yesterday low.4) If gold will be trading inside the uptrend channel in the next 24 hours , then by this time tomorrow it will be between 620$ and 637$ .
This is it ! , My technical work is indicating that the price of gold probably bottomed today. As said before, wave (3) – III - Is about to begin! Exciting times ahead as gold is going to show spectacular strength. The gold market will soon experience a strong, sustained and extended rally. The May top is going to be challenged with good possibility that gold will finely make new all time highs.
Dear readers,The news which directly or indirectly related to gold are usually subjective and often causing exactly the opposite from what is assumed to be logical (sell the news syndrome). Technicals on the other hand are objective, at least when viewed from numeric perspective.I have prepared three intraday gold charts covering the short term history of Gold/$, Gold/€ & Gold/¥ exchange rates. I
To put it simply: Short term gold is probably going a little bit lower.Metals prices declined today (7/20), particularly base metals.Intraday Elliott wave count analysis implies that gold is about to complete its first serious correction since the June bottom. Upon the completion of this minor correction, the upward movement should resume. Hence the emphasis is Buy, Add & Hold.Suggested short
Dear readers,Below are Gold and Silver Spot charts. Technically both gold and silver broke up above the downtrend resistance line and it's seems that the short term correction is over. I'm still evaluating the situation and will update later. Meanwhile you can refer to previous posts for longer term charts and observations.See this morning HUI & GDX technical Update Click on the charts below for
One can write a book about today action in the gold market. However, loyal to my relatively sharp and minimal writing style (I don’t like to waste your time) here are the main points in my opinion:Gold opened the week with a gap up –that is bad, the gap is now closed (and then some…) and that’s good.New volume record of 63,471 (100 OZ) contracts for Cbot gold futuresGeopolitical tensions are
This post is for short term traders only. Gold opened the week with a gap up , this gap better be closed as soon as possible in my opinion, but it can take a few days. Silver continue to under perform.It is obvious that a lot of speculative short term money has entered the gold market based on the Middle East conflict; they will leave on first sign of truce. These factors are short term negative
R.S from Germany asked for my view on the EURO / USD exchange rate.Please note that theoretically the EURO was as high as 1.45 USD at 1992, since then it didn't manage to make a new high.Monthly chart shows a triangle pattern with a price objection of 1.45 by early 2009. I see a significant top labeled (v – 1) and then A correction wave to the 38.2% Fibonacci line. B top might be in place and if
Newbie Forex traders are learning the hard way that accelerating geopolitical tensions and Middle East war doesn’t (necessarily) mean lower USD index. Gold traders are learning that Higher USD Index does not equal to lower price of gold. As said before gold is and will continue to go up against each and every national currency. As I see the situation - in the short term we might witness the price
Gold – more bullish then expected.Gold continue to show strength in the face of profit taking and possible central banks sellings. Geopolitical tensions in the oil rich Middle East catalyzing the action. The price of oil WTI made another new all time high today – not surprising and quiet predicable. I'm still holding my initial price target of 81$ per barrel, and will probably revise it soon –
Gold encountered relatively strong resistance area at 656$ -658$ for the spot dollar price (38.2% Fib on the short set & 23.6% Fib on the long set –weekly chart). That’s along the relevant Fibs on GOLD/EURO & GOLD/YEN (yesterday charts). The price of gold pulled back sharply as smart traders took profits at the zone of resistance taking advantage of the hype regarding so called International
First I want to offer my condolences for Indian readers who suffered horrifying terror event at the city of Bombay. In the short term the technicals rule the price of gold. Gold was due for a bounce with or without the Bombay event (see yesterday chart).The Aug gold future contract managed to close above its 50 DMA but is currently still struggling with the 50% Fib line. Spot gold did cross its
ScotiaMocatta is a leading Canadian bullion bank with International presence.Scotia is a London gold fixing member along HSBC , Deutsche Bank, Societe Generale and Barclays Capital. ScotiaMocatta July 2006 Precious Metals Report
The August Gold contract (CBOT : ZGQ6) pulled back 17.70$ since last week high, gold hit the lower Bollinger band (50 MA; STD = 2). Notice that the bands are tightening again and the stochastic indicator is turning bullish. Good chance that a short term bottom is in place and the price of gold is headed back up to challenge its 50 DMA. The action is practically similar for spot gold. Click on the
Gold encountered its 50 DMA and the 50% Fib level then pulled back slightly. Silver encountered its 100 DMA and the 61.8% Fib and pulled back a bit. Currently the odds favor a bit of short term consolidation for gold and silver - just below the 50% and the 61.8% Fibs respectively.Investors & Traders need not worry as I do not expect a pullback to be deep. Shorts, hedgers and those with no gold
Spot gold moved higher to test the 50 daily moving average (DMA) and the 50% Fibonacci line. Gold formed a V bottom that few predicted. The trend line on the spot gold daily chart below implies that gold will make new multi year high no later then mid September. Obviously the 61.8% Fib zone which currently coincide with the 50 daily exponential moving average (EMA or MAE) will offer good support
Technically - Not much change from yesterday. Offline and online forex traders should take a deep look at these charts:See: Gold and Silver stocks - chart reviews
S.P from India Submits:" I like your blog a lot and visit it to see your charts to guess the gold moves. I don't trade futures but interested in buying gold.But presently, there seem to be no signs that the world will ever move towards a gold standard. The problems of the world itself are so huge to even think of going in that direction. The easier solution is being adopted and everyone is using
The UAE Dirham is officially pegged to the US dollar at 3.6725 Emirati dirhams per 1 US dollar since February 2002. Reserves of foreign exchange and gold are estimated at 23.53 billion USD (2005 CIA data)UAE Central Bank set to enter the gold marketThe UAE Central Bank Governor this week gave his strongest hint yet that the emirates will shortly enter the gold market and also purchase euros as
Gold finally show some real strength, closing the week just a bit above the Fibonacci 61.8% level and the exponential 50 daily moving average (50 MAE) on the spot gold chart I posted yesterday. The price action was so strong that even the upper resistance line on the channel chart failed to stop the gold rally.The Bull market in gold is alive and raging but just like the rodeo it will not be an
It was a good day for all financial assets including Stocks, Bonds and Commodities, Gold and Silver are up while the USD index is down. HUI the AMEX Gold Bug Index is up 7.79%. Investors and traders lost their fears and bought everything they could, cash piles are back at work as it seems.I just noticed that the Bank of International settlements (BIS) have published a new paper on over the
Top international banks employees are being paid 5 figures salaries to predict an average gold price of 550$ by mid March 2009.I say: those are pure lies with the intention to temporary derail this great global gold bull market and allow their employers to accumulate as much physical gold as possible. Later and at much higher gold price they will market it aggressively.The amount of
It was an interesting day for the gold market, the price of gold made a marginal new high for the week then pulled it all back, the CBOT contract volume was huge - 35,071 for the 100 oz August contract. This is speculation washout my friends – nothing more, nothing less. Gold will head higher when the time is right.Technically both gold and silver are trading in a modestly raising channel with
Gold encountered early selling pressure but somehow managed to overcome.Some positive technical developments:The price of gold managed to cross the diagonal downtrend resistance line coming from the 730$ top.Gold is now again above the 76.4% Fibonacci line on the 8 hours chart.The price of gold have constructed potential head & shoulder pattern on the 1/2 hour chart , the initial price target for
This two issues are potentially extremely significant: Call to mix forex reserves(Shanghai Daily)Updated: 2006-06-26 10:19China's bulging foreign-exchange reserves and massive holdings in US treasuries are prompting some economists and researchers to argue the nation should diversify part of its huge reserves into gold and oil.China should consider buying more gold with its forex reserves to
The Gold Silver ratio (XAU / XAG) = ~ 56.63, Dow Jones Gold ratio ( Dow / Gold = ~ 18.78, Gold / Crude Oil = ~8.26.If my Elliot Wave Count Is correct and the bottom is in (b of 3) both gold and silver are at the very beginning of an extensive impulsive wave c (or 3) of 3 which will be more wild and more extensive then any thing the gold and silver market have witnessed before in this great global
The Gold Silver ratio (XAU / XAG) = ~ 57.16, Dow Jones Gold ratio ( Dow / Gold = ~ 18.92, Gold / Crude Oil = ~8.24.More gossip regarding China:China can convert part of forex reserves to gold - central bank officials 06.22.2006, 09:24 PMSHANGHAI (XFN-ASIA) - Two central bank officials suggested China can convert part of its foreign exchange reserves to gold holdings to head off risks from the
Two days ago I posted the US Mint (Established 1792) press release regarding the Issue of the New American Buffalo 24-Karat (.9999) Gold Coin which is authorized by the Presidential $1 Coin Act. I was thinking about this and discovered some interesting facts: The new gold coin design mimics the design of the 1913 Buffalo nickel. Coincidently the Federal Reserve was founded exactly the same year
Multiple Inverted Head and Shoulders Pattern suggest Initial price target of 608$ per gold ounce.See : Crude Oil (WTI) Charts , Gold Stocks ETF GDX & XGD , Seven Metals about to Soar (by Sean Brodrick)Click on the chart below to enlarge:
Silver like gold presents rare buying opportunity. Silver lost 37.67%(15.21- 9.48)with the recent sell off and touched its 200 DMA (daily moving average). Both RSI and PPO are in low level not seen since Q2-2004. The downside for silver is very limited while the upside potential is HUGE. In my opinion the best exposure to the price of silver is physical silver and the SLV ETF. Gold vs. Gold
The Chinese Gold & Silver Exchange plans to establish a 24-hour electronic trading platform and complete the transformation of the registered society into a jointly owned enterprise paving the way for a listing on the Hong Kong stock exchange."I hope to launch the 24-hour electronic trading platform as soon as possible so that we can pull back the transactions which are now taking place outside
The United States Mint is pleased to introduce its new line of 24-karat gold coins. Production of these highly anticipated coins is authorized by Public Law 109-145, dated December 22, 2005, also known as the Presidential $1 Coin Act. The new American Buffalo Gold coin’s obverse and reverse designs feature images originally prepared by noted American sculptor James Earle Fraser, once a student of
It is time to look again at the long term gold chart. Since the gold standard ended at 1971 gold is not officially backing any national currency. The market reaction to the end of the official gold standard was a ten years bull market rally (wave 1) that took gold from 35$ to ~850$ (2300%) . The gold peak of 1980 followed by a twenty years gold bear market that took the price of gold as low as ~
Gold and Silver are deeply oversold and thus present a rare buying opportunity.The devastating 188$ sell off have cleaned most of the speculative long gold positions and attracted speculative short gold positions. This is the time to be cautiously bullish. Long term Investors (savings) should just take a position and hold it for years to come. I highly recommend that you get at least some
It's difficult to be bullish on gold in the face of a 180$ one month decline. I feel your pain (or gain) and my only offer is to count your ounces - If you got any left…The year is not even half done and the price of gold rallied 200$ then gave it almost all back. – Interesting to say the least.Mr. Gary Dorsch published an Interesting article: Central Bankers declare War on Gold and the “
Another Bad week for metals including gold and silver. The Gold Silver ratio (XAU / XAG) = ~ 54.36, Dow / Gold = ~ 18.09, Gold / Crude Oil = ~8.42. Officials made irrelevant comments – many players misinterpreted the comments and got scared, The Market is cheering with 130$ gold Sell off , Gold in terms of Yen is back to the February high. Some predict bear market for commodities. Stock market
Gold in terms of USD is down to the 61.8 Fibonacci level which is close to the 100 EMA and a the slight uptrend support. See also - Gold stocks indices.
I observe Global crash environmental conditions, targeted liquidity shocks, plague symptoms. This is an ongoing global market game of crash and enlarged cash piles lost in the dark, .New banking regulations and waves of bankruptcies might soon follow. Raise liquid cash and be sure to have some physical gold. Buying opportunities will soon pop all around. Elliott Wave International just released a
China, Japan, Taiwan, RF lead in gold, forex reserves08.06.2006, 11.28XIANGGANG, June 8 (Itar-Tass) - - China, Japan, Taiwan and Russia are in the lead in the world in the volume of gold and foreign currency reserves, says a comparable report prepared by the Hong Kong Currency Department on the basis of the latest statistical data from different countries.Of late, the biggest holder of state
Russia exchange embarks on gold contract trading08.06.2006, 12.34MOSCOW, June 8 (Itar-Tass) - The Russian stock exchange RTS began gold contract trading on Thursday.The first deal on gold contracts on the commodity market (futures and options at RTS) falling due in July and September has been concluded at the price of 626.5 dollars an ounce, the RTS public relations department said.Settlements on
Gold and Silver spot charts, slightly bullish intraday indicators, doesn't mean much yet - but it might be useful for some visitors. * Fundamental note: Remember that at the end of the day: High interest rates does not effect in any meaningful way the geological structure or the technology development – it could however damage consumerism, real long term investments and pressure debts. Click on
The Gold Silver ratio (XAU / XAG) = ~ 50.66, Dow / Gold = ~ 17.44, Gold / Crude Oil = ~8.75. Gold have pulled back 112$ since it's recent top and there are three red candles in a row for the first time since what I "believe" is the start of the Third wave up. Obviously there is a serious technical damage and this correction is the largest the gold market has seen since the beginning of the third
Gold and silver moved downwards while precious metals stocks moved higher. This is the Great Global Gold & Silver Bull Market and the metals will move higher in each and every national currency. Both gold and silver are accelerating and the volatility can get much higher. When to buy / sell or just hold is highly dependent on who you are and what your style is. I'm just holding and buying the
Silver looks flaggy, have done some Elliott work with no final conclusion yet, but its hard to find a bearish wave count – If you get one please send it to me. On the broad view- it may be very hard to find an asset which has such a long term bullish formation like gold, on a second thought maybe silver if you discount liquidity. The gold market is entering a period of accelerated movements which
Persian Gold agrees Iran gold option dealMay 26, 2006 12:36Persian Gold, the Irish based AIM listed Iranian gold explorer, has agreed an option deal in the Chah-e-Zard gold project. This is located in Yazd, some 350 miles southeast of Tehran.If exercised, the option has an initial period of nine months and will allow Persian Gold to acquire a 70% interest in a new company to be established to
Gold and Silver Mining Stocks: GG, Gold Corp Inc. at 25% discount !Recommended gold related readings (If you have the time…) :Backfire On Corrupted Price Index By Jim Willie CBMonetary versus Non-Monetary Commodities By Antal FeketeTomorrow's Gold: Asia's Age of Discovery by Marc FaberJSMineSet.com Jim Sinclair’s Commentary Socionomics: The Science of History and Social Prediction Why do trends
Indian Bank to sell gold coins to boost profit006-05-25 17:15 By Ruchira SinghMUMBAI (Reuters) - Government-owned Indian Bank is hoping to set the slot machine ringing with the gold coin. In an attempt to boost business, the nearly 100-year old bank is stepping up retail sales of its recently launched gold coins, targeting a net income of 100 million rupees by the end of the fiscal year-
Refer to this post Gold @ new multi year highs... Good luck to all.Click on the chart below to enlarge:
Marginal [e] lower then [c] is obviously a given, important notice should be taken of this Fibonacci levels. As for buying, selling and holding recommendation: In general the fundamentals reasons to own gold and silver have not changed at all, they are just getting stronger. Intraday short term traders – good luck if you can challenge the volatility and catch the majority of the moves. Trading
CBOT Expands Silver Complex and Launches Full-Sized Silver Futures OptionsThe Chicago Board of Trade (CBOT) announced today it will expand its Silver Complex by launching a new options contract on its CBOT Full-sized (5,000 oz.) Silver futures contract. The new contract will trade exclusively on the Exchanges premier electronic platform from 6:16 p.m. to 4:00 p.m. (CST) and is scheduled to begin
Gold and Silver, metals and most commodities had relatively strong upward movement today. The Gold Silver ratio (XAU / XAG) = ~ 51.54, Dow / Gold = ~ 16.67, Gold / Crude Oil (Light Sweet Crude Oil Future July 2006) = ~9.35.Technically it is still unclear if the price of gold is headed for lower low ( [e] lower then [c] ) or else the bottom is in and higher highs will follow. For basic yet
I see a potential strong gold rally in the make. See Gold & Silver StocksClick on the chart below to enlarge:
BlueFlix (follows Elliott wave) said: "Gold fundamentals are there and getting stronger. But, in the intermediate term, gold may be correcting to its 200DMA..."Well I agree about the fundamentals part, as for the 200DMA (about 530$) I think It is very pessimistic view and gold will have to retrace the whole impulsive extensive wave since March low(~535$). off course [e] low (lower then [c]) might
Do you feel the concentrated efforts to scare the market and calm down speculation in all markets by authorities and international banks?To some degree Interests rates and short term liquidity can be controlled. however some of the market fundamentals can not be manipulated. Therefore it is still a good idea to look for trading and investment opportunities in all markets especially commodities
Little bit entertainment for the weekend, Eurovision 2006 Winner - Finland.Artist : Lordi (Finland)Song Title: Hard rock hallelujah Composer : Mr. Lordi Lyricist : Mr. Lordi
Gold, Commodities Blame Game? See this story : Zimbabwe Jan-April gold output tumbles by a thirdMUMBAI (Reuters) - Benchmark Asset Management Co. Pvt. Ltd. on Friday filed papers with India's market regulator for approval to launch an exchange-traded gold fund.In its initial offer document, Benchmark said the fund would track the domestic prices by investing in physical gold.Each unit of 'Gold
So it goes… needless to say the last trend line support did not hold and gold lost another 20$. Not that bad – Gold rallied almost 200$ in two month and now gave back ~38% of the move, on the positive side the price of gold closed just above the Fibonacci 38.2% support. Silver constructing a box formation. Both still present excellent buying opportunity in my opinion and higher prices will soon
Interesting story coming from Taiwan:2006/5/19The China Post staffTo melt or not to melt: That's the question.Well, it's the question of the day.What to melt?Small coins, of course, now that the prices of copper, nickel and aluminum have soared just as gold and silver did.Whether the melting has started in Taiwan on a scale large enough to cash in on the surge of metal prices is not known, but
The Gold Silver ratio (XAU / XAG) = ~ 53.72, Dow / Gold = ~ 16.31, Gold / Crude Oil future = ~9.77. Gold is down about 50$ since the most recent peak (~730$). The pullback is purely technical and the gold market fundamentals have not changed.Technically there is one last relevant short term trend line in place if it doesn’t hold then watch for horizontal support and Fibonacci lines. If I had to
It's easy to be bearish on the stock market with the sharp sell off the last few days and interest rate at 5 years high. However I think that the NASDAQ is close to a short term important bottom and a rally to new highs might surprise. In my opinion gold will continue to outperform the NASDAQ (as well as the other indices) but higher gold price will also allow the stock market to go higher. To
The gold price hit a bottom at ~674$ then rallied ~30$ , here is an Intraday spot gold chart with Fibonacci support lines , moving averages and trend line , there are numerous other technical indicators but I find this most useful. – this blog is focused mainly on the price of spot gold and silver , my other blogs are focused on commodities in general and gold , silver , metals mining stocks, If
I have annotated 4 hours spot silver price chart with Fibonacci lines and selected moving averages, (4 hours MA = ~ DMA/6; MA 60 = 10 DMA …). In my opinion silver is consolidating under the ~15$ long term resistance area , once the consolidation is over expect the silver price to rally toward the 20$ level.Long term silver charts TSX Group Announces Global Gold IndexPlatinum, Palladium, Rhodium,
Gold traders learned today what silver traders already know: under some market conditions and certain technical formations the gold market can do quick and sharp sell offs. The gold market is attracting more and more forex traders which are usually using high level margins (x10 , x20…). This sharp pullback has certainly cleaned some of the excessive short term gold speculations. Time will tell
Gold, Silver, Metals, Oil and most of the commodities experienced a sharp sell off today. Is this the end of the Gold, Silver, commodities bull market? – I don’t believe so!I do think that most if not all the commodities will head higher and one should concentrate on finding buying opportunities. This is exactly what I'm doing, adding to my positions from time to time when my free cash flow allow
The Gold Silver ratio (XAU / XAG) = ~49.85, Dow / Gold = ~15.94, Gold / Oil (Light Sweet Crude) = ~9.92. Here are Spot Gold (XAU) and Spot Silver (XAG) intraday charts annotated with moving averages, trend lines and Bollinger bands.Related : Global Gold Hedge Book Q1 2006Gold, Silver, Metals Mining Exploration & Political Risk reportsCrude Oil Futures (NYMEX: CL) ,USO (oil ETF) Charts
Gold is marching upward, showing great technical strength. This is the Great Global Gold Bull Market, The gold market is subject to very large and complex amount of psychology. Ignore any publication / observation / commentary which try to call a top for the price of gold – this is foolishness at best.No one knows how high the price of gold can go but the upside potential continue to be much
It was another good day for the precious metals complex investors. The Gold Silver ratio (XAU / XAG) = ~48.99, Dow / Gold = ~16.47, Gold / Crude Oil = ~9.79.Silver continue to consolidate just under the recent high, once the April high is taken the price of silver will face the 1983 high of around ~15$. The recent consolidation pattern will serve as good support in case of any pullback.Gold,
Beijing whispers push gold to $700By Ambrose Evans-Pritchard (Filed: 10/05/2006)Gold has surged to $700 an ounce for the first time in 26 years after Chinese economists suggested the country should quadruple its bullion reserves to protect against a falling dollar.Speculators have been alert to any sign that Beijing may be planning to switch a portion of its massive $875bn reserves into gold, a
At February 10, 2006 I posted that I see a pattern of inverted head and shoulders on the Gold / Oil ratio chart. Since then the gold / oil ratio moved higher, closer to the pattern price target of ~ 11.50. Oil and Gold both moved higher but gold have outperformed oil (gained more percentage). At April 14 , 2006 I posted an oil chart - New all time high for crude oil (WTI) , and indicated a price
Interesting Article:What Is Driving Up the Price of Gold?Emilie RutledgeLast week, oil has been trading at historic high prices, and oil futures on NYMEX have closed at over $75 per barrel. We have passed the northern winter spell, and have yet to move into the US driving or hurricane seasons. At this time of year, oil prices usually tend to dip in line with reduced demand, but this is clearly
Gold simply wants higher while silver consolidate at the 12.50$ - 14.50$ range.Platinum is already trading above the 1980 high.Gold Silver ratio (XAU / XAG) = ~ 48.81, Dow / Gold = ~ 16.93, Gold / Oil = ~9.73.Click on the charts below to enlarge:
Gold, Silver and other precious metals like palladium and platinum continue to show excellent performance. Gold cleared the 666$ mark with success that few predicted.Most gold market commentaries continue to try and explain the roaring price of gold with non direct gold market factors like the Iran conflict and the USDX weakness.It is reasonable to assume that the Iran issue does have some gold
The Gold Silver ratio (XAU / XAG) = ~ 47.70, Dow / Gold = ~17.38, Gold / Crude Oil = ~9.13.The U.S. Dollar Index (USDX) – has been around since 1973. USDX is computed using a trade-weighted geometric average of six currencies. The six currencies and their trade weights are: Euro -- 57.6% Japan/yen -- 13.6% UK/pound -- 11.9% Canada dollar -- 9.1% Sweden/krona -- 4.2% Switzerland/franc -- 3.6%.
The gold market is difficult to analyze for the reason that investors, traders, and speculators are buying gold for many different reasons. Inflation hedge, currency hedge, stocks, bonds property market, gold seems a good hedge against all of them. Others see gold as a war, terror play. The long term history of gold, the global market atmosphere and the recent price appreciation are all pushing
There is probably a lot of highly leverage day trading taking place in the precious metals market. This kind of silver (XAG) and gold (XAU) gambling is taking place in the form of derivatives, CFDs and in house forex speculation. The intraday gold price pattern of yesterday shows a pattern of M or W, this kind of pattern is deadly for over laveraged traders since its clear their stops loss then
The U$D price of Gold broke out of the short term triangle pattern and the initial price target is 671$. The price of gold made higher low then higher high - positive sign. Retesting of the triangle is probable, support resistance at appropriate Fibonacci numbers, trend lines, check the 10 day EMA (240 hour EMA).The price of silver is showing more weakness on the downside which is very rational
Here is a short term (30 minutes) candle sticks chart of gold spot with two sets of Fibonacci lines and partial wave count. Gold is forming a triangle pattern and pattern resolution is soon expected.CPM Group have published their Silver 2006 year book:http://www.thebulliondesk.com/content/reports/tbd/temp/CPMPR.pdfClick on the chart below to enlarge and see suggested short term lines (numbers)
Intresting Perspective / Case study :Mon, Apr 24, 2006 source: http://iran-daily.com/1385/2544/html/focus.htmGold PricesThe latest open market (unofficial) rates for major foreign currencies and prices of gold have shown huge increases since the beginning of the new Iranian year (started March 20, 2006).For instance, the price of the full Bahar-e Azadi (old) gold coin reached 1,830,000 rials,
Expect this wild price behavior to continue, in 20 days the price of gold moved from ~585$ to 645$, then 24 hours correction and the gold price fall 38$ … The silver price is even more volatile pulling back 3$ in 24 hours. This wild action could be destructive for mismanaged over leveraged positions both on the long side and the short side, successful trading opportunities will probably continue
Interesting news coming from Iran:Iran central bank moves to calm gold rushKhaleej Times, (AFP)19 April 2006TEHERAN - Iran’s Central Bank moved on Wednesday to slow down a sharp rise in the price of gold, state television said on Wesdnesday, as traders spoke of increased public demand due to tensions over the Islamic republic’s nuclear programme.The price of a gold coin weighing around 10 grammes
The Gold Silver ratio (XAU / XAG) = ~ 43.67, Dow Jones Gold ratio ( Dow / Gold = ~ 17.61, Gold / Crude Oil ( CLK6 , Crude Oil, Light Sweet, May 2006 ) = ~8.88.At this stage of the game the long term charts are very important, the short term charts are applied with much more context this way. Gold is accelerating in price, silver is sky rocketing. Investment (in reality mostly savings) capital is
Here is Gold and Silver open interest Summery table which aggregate the data of the COMEX (NYMEX), CBOT & TOCOM Exchanges.Those are not charts of some hot stocks but charts of natural resources, rare minerals which experienced 20 years bear market , The Third Elliot wave is far from over and can easily exceed the old highs for silver and gold , this markets are relatively small when compared to
Relatively strong upward movement for Gold and Silver but still no real excitement , some market observers start to question the 1980 gold price high. The Great Global Gold Bull Market and Silver Bull Market are eccelerating and the signs of Third (years major)Elliot wave are clear. The Gold Silver ratio (XAU / XAG) = ~ 4.58, Dow Jones Gold ratio ( Dow / Gold = ~ 18.00, Gold / Crude Oil = ~
There are numerous press release, short recommendation, publication and observation which are all stating a bearish view toward the USD. I am well aware of the arguments which imply that the USD should head lower vs. other national currencies and there is no need to mention them. But, as I already discussed in several previous posts, the Forex market seems to be well managed toward stability.Here
The observation that the Gold price is rising because of geopolitics or due to the rate of inflation is very common. However, I believe that the price of gold is simply affected by the present physical supply and demand at spot price. Geopolitics & Inflation are factors which affect the demand and supply of physical gold, but they are certainly not the only factors, other factors are: mine supply
There are currently 4 ETF's which claim that their gold assets are backed by allocated gold held in a vault on behalf of investors. Tottal assets ( as of April 12 2006) = 446.37 Tone (14,350,871 Ounces)( GLD ) New York Stock Exchange (NYSE) Streettracks, Gold Shares. - link( GBS ) LSE (London Stock Exchange) AND Euronext Paris Gold Bullion Securities. - link( GOLD ) Australian Stock Exchange (ASX
GFMS latest observation :Continued Growth in Investment Forecast to Take the Gold GFMS - A continued surge in gold investment demand has recently pushed the gold price through a series of fresh multi-year highs.In its Gold Survey 2006 ,GFMS forecast that this expansion in investor interest is likely to continue over the next couple of years,driving the price comfortably over the $600 mark before
Gold Silver ratio (XAU/XAG) = ~ 47.45, Dow / Gold (INDU/XAU)= ~18.69, Gold / Crude oil (XAU/WTIC) = ~8.60.Crude Oil Chart hereJulian D.W. Phillips (The Gold Forecaster)has published 3 parts observation under the name : Gold & Oil - 1971 Until the Future.Quote:"As it becomes clearer that the $ hegemony is going too far, as record after record U.S. Trade Deficits are published, most nations and
I haven't noticed any interesting or important news which are directly related to the gold and silver markets. Just the usual Silver ETF hype, Inflation deflation debates, Commodity bull cycle, Debts and Interest rates & the usual gossip. Since Jan 01 2006 Gold is up against the Euro (€) ~ 11.50% , up against the USD ($) ~ 13.74% & up Against the Yen(¥) 14.24% The gold silver ratio (XAU/XAG) = ~
The precious metals rally continue. Gold and silver (XAU/USD, XAG/USD) made new multi decades highs today. Technically gold and silver broke out of a short term similar ascending triangle pattern. The gold silver ratio (XAU/XAG) = ~ 49, Dow / Gold = ~18.85, Gold / Crude oil = ~8.77.For gold and silver mining stocks reviews see: Gold and Silver Mining Stocks blog
Dow Jones / Gold, Gold / Oil & Gold / Silver ratios are some of the most Interesting and informative pieces of data, here is why:When we compare the Price of gold to the price of the two other commodities or the old Dow Jones index the value of the dollar becomes a non issue. It is a simple math exercise, when we look at the price of the Dow , Silver & Oil, we actually look at:Dow (1 index unit)
Gold (XAU) and silver (XAG) are in a very powerful uptrend and higher prices should be expected. I annotated the gold and silver charts with diagonal trend lines support which can be used as stop / enter spots.see Gold & Silver mining stocks reviewssee Commodity chartsAll trend lines support are well above 10$, the days of single digit silver are probably history.
Iran denies Swiss paper's claim in withdrawal of Gold assets Tehran, March 31, IRNA Iran-Swiss-Gold An informed source in Central Bank of Iran on Friday denied the news published in a Swiss daily on withdrawal of 250 tons of Iran's gold reserves from that country's Credit Bank. The Central Bank official, who spoke on condition of anonymity, told the Economy Desk at IRNA Head office in Tehran Desk
Gold is trading at price not seen for 25 years; Silver is trading at price not seen for 22 years. When the historical perspective is taken in account the precious metals market is really exciting right now. Caution is always advised to those who hold margined positions, especially in silver which is clearly in a parabolic phase. However, silver does not face much technical resistance all the way
Finally gold succeed to follow the price of silver and surpass the 2006 Feb peak. Silver continue to climb faster then gold, the XAU / XAG ratio around 50.5.Time for Gulf economies to increase gold reservesBy Dr. Eckart WoertzCommentary byThursday, March 30, 2006"but the central banks of the region have not shown the same amount of foresight yet. Their gold reserves are very low, both on an
Gold broke up against the upper diagonal downtrend line, in addition it now trades above the { B }high. Gold in terms of USD, EURO & YEN is trading in a correlated fashion. Silver continue to go higher making new multi years day after day (long term silver charts).gold and silver stocks reviewsClick on the charts below to enlarge
Rising silver price as opposed to crashing silver price 2004-01 April, relatively low gold: silver ratio and potential typical bullish consolidation pattern are all supportive of higher gold price. Click on the charts below to enlarge:
Gold continue to show strength and to perform against all the three major currencies. The upper downtrend line is broken for Gold / Yen , Gold / USD & Gold / Euro currently struggling against the upper downtrend lines. There is some overhead resistance around recent highs, likewise good support at appropriate Fibonacci levels. Click on the charts below to enlarge:
Gold is currently trading higher then Friday high. Silver is also higher, making a multi year high again...As I posted a several time in the past: each and every self respected exchange will soon offer gold and silver trading / saving instruments. Here are some of the important news which directly effect gold and silver:Dubai commodity bourse to begin silver futures trading today Dubai: The DGCX
Gold emerged from what I assume to be [c of C] simultaneous bottom for Gold / USD, Gold / Euro & Gold / Yen Exchange rates(see the post from two days ago). A pure and powerful technical move which propelled gold higher, closing at a two weeks high just 15$ (less then 3%) lower then the multi years high.Click on the chart below to enlarge gold spot eight hours intraday chart annotated with the two
Not much change, silver continues to break into new highs, gold consolidating and enjoys just a slight uptrend. Click on the charts below to enlarge:
Yes! The Silver break out continue, Spot silver currently trading around 10.65 $ per 1 Oz.However, I will like to concentrate on silver bigger brother = Gold.Gold is looking a bit tired but it seems comfortable at ~550$, ~455€, ~64,000¥. The price of gold in terms of US Dollar, Euro and Yen is nicely correlated and the wave count is very similar.Click on the charts below to enlarge Gold / USD,
Yet another new multi years high for silver, gold is still lagging behind, trading around the 550$ level. Gold and silver mining stocks continue to disappoint investors. As I previously posted a several times: Investors preferences are changing and the metals could and should outperform most of the mining stocks. This great global gold & silver bull market is different from the 1970 – 1980 bull
Is the gold correction over?Here is my latest Elliot wave count for gold spot, the count cover the second major wave up (Elliot wave III) from its beginning to date, the count implies that gold is currently having some kind of a minor correction which could well be over. The third wave has a long way to go and gold is headed much higher. Short term gold traders should concentrate on the latest
I have annotated a four hours gold spot intraday chart with Fibonacci retracment lines and Elliot wave count. The short term outlook for gold is still foggy but the chart doesn’t look that bad and the silver action is very positive sign for gold, actually silver is currently climbing higher to new multi decades highs. click on the chart below to enlarge:
Or should I say Silver and Gold?Silver continue to lead on the upside making another multi decade high while gold struggle to hold support. The precious metals market is changing at least temporarily and In my opinion silver currently enjoy better physical demand then gold. In addition some market participants are expecting the silver ETF as well as long silver short gold trades. Both metals can
As the GGG&SBM advancing and gold and silver are loosing some of their "bad" investment stigma expect more and more precious metals investment vehicles as well as broader public participation. It will not be long before each and every exchange will offer gold traded funds. Today the Swiss Exchange is lunching a physical gold ETF under the symbol ZGLD. (source). Meanwhile on the silver front :
There are some pierce and possibly leveraged tactics to play the great global gold bull market.(GGGBM) : One can short the gold futures at the NYMEX and go long the physical metal. April 2007 Futures are trading at 571$ so anyone who is able to short the futures and take a couple of gold bullions "home" at a slight commission can make an arbitrage trade. I believe this kind of trade is very
Not much to say about the action in the precious metals market today. Gold and silver consolidate, silver is still in a strong uptrend while gold might defined a new (less steep) channel. I have to look deeper and see about the Elliot wave counts for both silver and gold. This way or that way, the technicals and fundamentals are still implying for much higher gold and silver prices. Occasional
Never buy gold because of terror / pandemics … Fears, if you are subscribed to doom theories then the US dollar will serve you better. I try to keep my political and religious opinions out of this bog as much as I can for the reason that gold is the money of ALL common people. However, I must say again that it is silly to think that a small minority, fanatic group – so called terrorist or self
Genesis 13:2 (New International Version)New International Version (NIV)"Abram had become very wealthy in livestock and in silver and gold."The last couple of trading days gold and silver lost some synchronization, while both sharply declined yesterday silver quickly based around support but gold drifted lower.In my opinion a good reason for this could be the real vs. virtual metals issue. As I
Virtual silver fund, bulls get a bit disappointed...By Kevin MorrisonPublished: March 6 2006 17:44 | Last updated: March 6 2006 17:44A silver price tracker fund, also known as an exchange traded fund, is expected to be launched on the London Stock Exchange within the next month by ETF Securities, which has already launched an oil-backed ETF on the LSE. The planned new investment product is
It is my opinion that a fair price (or better said an exchange rate) for gold is the gold spot price which is constantly changing. It might seem simplistic but I have come to this conclusion after deep and prolonged thinking. The spot price for gold is a reflection of the aggregate forces which are active or inactive in the market, this is the price where the buyers and sellers meet and trading
It was a good week for gold and silver. Silver made a new multi decade high while gold lagged a bit and it's still trading a zit below the January high. Silver had a spectacular run yesterday and caution is advised for those holding a margined silver position, Silver can run much further but it can also pullback and consolidate around support. I would like to see gold confirming the silver new
What a $ilver day! Strikes that shut most Mexican mines and a bullish inverted head and shoulders pattern fueled an impressive rally of 0.50$ , that’s the first time in 22 years that silver is trading above 10$ per oz . I see this event as a major bullish sign for both silver and gold, silver is finely trading at double digit figure. Gold had a good day but a bit boring compared to the silver
Keep your eyes on silver, there is an inverted head and shoulders pattern on the intraday spot silver chart with an initial target of well above 10$. As I wrote before the days of single digit silver will soon be over. Click on the chart below to enlarge:
I see a possible head and shoulders pattern on the intraday gold euro spot chart.The price target should be ~493 Euro per one gold OZ.Click on the chart below to enlarge:China Leads From The Front By Doubling Its Gold Reserves This Year Interesting to read that the National Development and Reform Commission has stated that China intends to more than double its gold reserves to 1,270 tonnes this
Today Gold and Silver moved higher while the gold and silver stock indices declined along the general US stock market. In the past it was a sign of a coming weakness for the metals but that should be changing as investors might be changing their preferences for obvious reasons.See also: Special risks when investing in a mining company.Click on the charts below to enlarge:
Gold and silver lost some ground today, let's see what happen tomorrow.Meanwhile I'm trying to think about what will be a fair price for gold under current conditions, one of the main issues regarding the price of gold is the fact that the gold market is both a physical and paper market and this fact is a very important one.click on the chart below to enlarge
Gold rallied to new highs for the week, moved above the 62% Fibonacci blue line and stopped just below the 62% Fibonacci green line. There is still some upside resistance to fight on the way up but the pattern on the chart is orderly bullish and higher highs should be expected , it is now clear that gold had double bottomed around 535$.Silver first traded hesitantly then followed gold and gained
Gold pulled back today and is currently trading just above the 38 Fibonacci line, not a big deal if you ask me. The triangle formation is still constructing itself and technically the short term situation is somewhat unclear. This week gold traded in a relatively narrow range of about 10$ and it seems like the 550$ level perceived as acceptable between the buyers and sellers. I assume that the
Dear readers, I always try to express my thoughts, views and opinions in the shortest possible manner, this is my writing style and I have no intention to waste your reading time. As I see the situation the gold market continue to present a unique opportunity for high reward low risk investment , please review the archive of this site for information regarding the HUGE outstanding short positions
Dear readers, some of the Gold and Silver mining companies have reported their 2005 – Q4 results recently, I have made a few review posts about the major interesting stories. Amazingly the picture is very simple: as the price of gold goes higher the heavily hedged miners actually report declining profits. While Un hedged or little hedged companies report higher profits. See the reports here: I
As appears on the daily chart below gold short term trend is still up. The channel is still intact and the price of gold is close enough to the bottom of the channel, the top of the channel is currently above 600$ and raising. I cannot guaranty that the eight days or so correction is over but it appears that the bottom of the channel, the Fibonacci retracement lines, the 50 days moving average
This is what the Silver Users Association say about the subject :Silver MarketBetween 1966 and 1970, U.S. Treasury sales of silver were a major secondary source of supply. Because silver had been a U.S. monetary standard along with gold, the U.S. government held the world's largest source of secondary supply in an effort to meet a growing production/consumption deficit. In 1965, it appeared that
First China, now India.ASHISH GUPTATIMES NEWS NETWORK[ FRIDAY, FEBRUARY 17, 2006 12:22:33 AM]Gold mutual funds may soon be a reality in India. Securities and Exchange Board of India (SEBI) has cleared the way for introducing gold exchange traded funds (ETF) in the country. It has approved two models for launching the product – a mutual fund custodian bank integrated model and mutual fund
The price action of silver is very similar to gold. The fundamentals behind the bull markets in silver and gold have much in common but each metal is having its own advantages & disadvantages. One can make good arguments of why silver is a better buy then gold and visa versa. Nevertheless, I don’t want to get into this argument and would just like to suggest that both will perform remarkably well
It is yet to be seen if gold and silver already bottomed or is another wave of selling coming? , this week lows are the key answer. A climb above this week highs will almost certainly confirm the bottom while a slide below this week lows will indicate another wave of selling could be expected. Caution is advised for those holding margined positions, while those who have no position can start
Some nice recovery for the precious metals today, gold and silver are currently 12$ and 0.25$ above last bottoms, there is a good chance the bottoms are already in. According to my E wave count for gold this is a third wave within a bigger scale third wave up, third waves are known to be confusing and this is exactly what I see in the market – confusion and allot of it. Some "professional
England Wins Again: First In The Great Gold Selling Game Date: February 14, 2006By Our Man In OzIt’s not every day that the people of Australia are prepared to doff their Akubras and say: “well done England, you win again”. After recovering from the shock, and quickly checking the back pages of the Telegraph to see if a cricket or rugby test was played overnight, a tiny little warning bell
Gold and silver headed lower today below last week lows, gold is already about 35$ below it recent top currently trading around the 2005 high level. This pullback might have another leg down but I wouldn’t bet on it. I continue to see excellent risk reward opportunity in buying gold and silver , the higher risk is on the short side of this market and the appreciation potential is much higher then
Paul Mylchreest (investment analyst, Credit Agricole Cheuvreux International) published an impressive gold market report covering some of the complex fundamentals driving this great gold bull market. It appears that the disagreement (regarding gold role in the global monetary system) is expending itself from the central banks arena into commercial banks arena as well.If the findings about central
Not so good action for the precious metals complex today, Gold and Silver are trapped in a relatively tight trading range between this week highs and lows. However, the gold oil ratio made a one year new high on a closing base. I see a pattern of inverted head and shoulders on the gold / oil ratio chart. I'm not an oil bear so if an average crude oil price of 60$ is assumed the initial target for
Gold and silver Recovery is almost as sharp as the correction. The violent down move was clearly non sustainable and counter move quickly followed. If you trade this market using margin use it very wisely if any. As the bull market continue it is very logical to expect similar moves and even more volatile market. Gold outperformed both the XAU index and the HUI index today, in my opinion it is
The country's gold production in 2005 declined by 12.8 percent when compared with 2004, Statistics South Africa said on Thursday. In the three months to December 2005 gold output fell by 8.8 percent when compared with the three months to December 2004. read more
I have annotated both gold and silver 6 month daily charts with channels and Fibonacci retracement levels. Click on the charts below to enlarge:
There are different kinds of groups in the gold market and the price of gold reflected in the gold charts is simply the history and present relationship resolving between them. Do not try to understand every move up or down in the price of gold this is simply impossible thing to do.As we all know the gold market is both physical and paper market, some players are just prudent investors who look
It was a violent correction for the precious metals and their mining shares. Gold broke down of a head and shoulders pattern and the downtrend was consistent all day long, Silver support is around the 9.30 $ level. Gold is already 28$ lower from its most recent top and the correction is already somewhat overextended in my opinion. Nothing goes straight up and violent & volatile market should be
Zhang Fengming2006-02-07 Beijing Time THE China Gold Association is considering forming the country's first gold fund with partners. "Some association members have discussed the program to start a gold fund to tap China's gold market," Hou Huimin, vice chairman of the Beijing-based association, said via telephone yesterday. "It's still only a proposal at this stage and we have not yet contacted
Dear readers,It is my opinion that gold might be very close to a point of a sharp, volatile and violent move which will result in a price of above 600$. The Investment world finally start to recognize the extremely bullish fundamentals, the relatively huge short positions and most of all the opratunity for unusual high reward low risk "investment". This move will come regardless of any political
Nothing goes strait up , like gold, silver is building a base and consolidate before making a move that will take it above 10$, I don’t think that any pullback in the price of gold or silver is going to be deep nor sustained. I have annotated the 8 hours silver chart with wave count, Fibonacci levels and trend lines. Click on the chart below to enlarge:
Gold had some kind of pullback today, Elliot waves count suggest this is not going to be a deep correction and higher highs are just around the corner but the count is not confirmed so caution is warranted.Click on the chart below to enlarge.
Yet another good day for the precious metals sector, gold , silver, platinum all made new highs while palladium had the best performance the last couple of months gaining around 50%. This is the beginning of the second wave up for the precious metals (Elliot wave 3) , the industrial metals along many other commodities are also acting very strong. Money managers and the financial industry are
Not Much change in the gold market today, silver pulled back some but not too much.CBOT Expands Precious Metals Complex and Launches 100 Ounce Gold Futures Options read more Expect more of the same for the foreseeable future. New exchanges for gold and commodities will open all over the world as the sector will be more and more interesting for Investors. Long way to go...Gold Indices have done
Since the second wave up started (E-wave number 3) around mid July 2005 the Gold / USD exchange rate gained around 37%. I made a short study and found that from each bottom to date the rate of change was actually faster. Simple average of all rates of change per week will give a rate of change of 1.8% per week. This is a modest estimation since the rate has proven itself to be accelerating for
The precious metals market is reorganizing itself in an orderly meaner and all steps are being made to allow much higher natural prices.As I said before there is no need to fight the Forex of nature and gold is no one enemy but it could certainly be everyone savior.Hence my bias continue to be to the up side, and the look is after bottoms, not tops!Technically the channel chart is still intact;
Counting waves is never easy and there is always more then one possibility, more so for silver.Please click on the chart below to enlarge the experimental Elliot wave count for Silver.
This week gold didn't do much in terms of price but it proved itself comfortable at current levels. The USD Index had a good week so the gold performance in Euro, Yen. Etc was actually better. (Usually there is no need to pay much attention to the managed Forex casino)I have annotated a daily gold chart with Forks and wave count covering the start of the second wave.Click on the chart below to
Why fight the forex of nature? As we all know the ESF is a leading force in the gold market. Now we all have to ask our selves – what happen when the ESF decide to change position and close all of its short positions and go long? After all the gold market at much higher levels will have the capacity to accommodate much of the paper liquidity plus the Fed should still be the largest gold bug on
Good day for the precious metals, Platinum made an all time high, Silver broke out of a triangle pattern with target of well above 10$, Gold had a modestly good day.Links :USGS Gold Reportcommodities charts: Platinum FuturesClick on the chart below to enlarge:
It appears like both gold and silver are pretty comfortable at current levels. I again re modified the wave counts (annotated on the charts). Silver had built an extended box formation and the breakout should be powerful – Up in my opinion.The "professional" analysts are always looking for some kind of political news to explain the price of gold , but remember, this market is subject to growing
Gold channel chart still intact, silver actually behaved stronger today giving sign of an imminent breakout.
It is very difficult to know how much gold is really sold short because many trading houses are holding spread positions due to arbitrage trading. Also most of the positions seems to be OTC derivatives.Here is a summery of the open Interest for the COMEX (NY) , CBOT and TOCOM (Japan), Options are not included.COMEX (CFTC) : 361,704 x 100 oz = 36,170,400 ozCBOT : (12,404 x 100 oz = 1,240,400 oz +
Given the relatively deep correction gold had last week, I decided to modify my wave count for gold.Click on the chart to enlarge:
Gold channel chart still valid, Silver consolidating and might be coiling.Please see latest copper chart for an inspiration of what movement gold can have. (Link)I found this interesting information about gold content in ocean water:"There are about 26,000 tones of gold in the ocean, about 5 grams for each of the 5 billion humans on the Earth."(Link)Short study about gold short positions will be
Gold is neither holy nor sacred; I do not worship gold or anything else for that matter.The purpose of this site is to share my thoughts and knowledge.Many analysts tend to explain the movements in the price of gold with political events, I disagree about that. In my opinion the price of gold doesn't have much to do with politics like most analysts tend to think.What are the drivers behind the
The Dow: Gold ratio is clearly on its second wave down, moving out of extreme cyclical valuation. History show that Dow is still much overvalued compared to gold.Click on the charts below to enlarge:
1) Im not a multi millionaire investor, not a professional author and English is not my mother language. I would like to stay anonymous.2) Gold is an asset with extraordinary bullish fundamentals and technicals. I'm biased to the bullish side looking for bottoms not tops , it will stay that way for some time I suppose.4) One of the biggest misunderstandings in the Investment world is the
Gold probably bottomed right at it's last year top area around 540$, It will have to struggle with the downward slope. Later, real1.Click on the chart below to enlarge:
Silver is trading near its 50% Fibonacci retracement level, again more volatile and leading gold on the downside.I'm not sure at all about the wave count on the charts and will not be surprised to see strong upward action coming out of nowhere. More later.. real1.Click on the chart below to enlarge:
Currently gold is already 20$ below its recent top, the channel is slightly modified to reflect the action. I have also updated the wave count and outlined Fibonacci levels accordingly. Can't say much more right now, more later…Click on the chart below to enlarge:
The uptrend is still intact and support is outlined on the chart for your convenience. The days when a 15$ sell off mean anything are over and traders might see this as a buying opportunity.Click on the chart below to enlarge:
Gold and silver again traded at new highs yesterday and a modest orderly consolidation is welcomed before moving higer. The charts are building support zones and the outlook is positive in my opinion... More later real1.
The upward action simply continues and we should expect higher prices (exchange rates) on all time frames. Silver is lagging gold a little bit but as you well know that could change quickly. More later ... real1.Click on the charts below to enlarge:
The gold oil ratio is still historically very low, in other words: gold is still cheap also when compared to oil.See my previous review of gold oil ratio (weekly chart):http://globalgold.blogspot.com/2005_12_25_globalgold_archive.htmlOil itself has more then a few bullish fundamentals and seems at the beginning of a recovery from the latest correction. see oil charts here:http://
Again, not much change in the gold price today, the channel chart is looking good and from the intraday action its seems like support is being built.The Ratio between gold and silver is about 60, so sixty oz of silver are worth one ounce of gold. The chart is building a 20 month triangle formation and later this year we should see one of them outperforming the other significantly.
Not much news, maybe just a bit broader crowd recognition of opportunity?Seems like the metals are pretty comfortable at current levels and the outlook on all time frames is positive in my opinion. We shall see what happens next... more later real1...* See my other site for commodities charts
Gold the ultimate Forex, for two decades it was somewhat misused by central banks, commercial banks and even some of its producers - the miners. Well, look like its time to pay the bill. Unlike other assets which have the benefits of: growth, dividends, competitive interest rates, etc. Gold is a rare metallic mineral, the money of nature, a currency with thousands years of history – that’s all
Consolidation still under way, watch for a break above the minor downtrend line for a short term buy signal. Good support at appropriate Fibonacci retracement lines.Click on the chart below to enlarge:
Nothing much to say, a bit of consolidation, possibly some profit taking and more shorts trying to catch tops- Will only serve as jet fuel for the next rally which could come real soon. In my opinion the real party will only start once gold will take out its all time high of 1980. More later… real1.* Platinum had a good day.
Here we are at the 550 USD / OZ level, the action is very strong and the upside slope is sharp, all for a good reason. Please review The Great Gold Paradox (part 1 - 3):http://globalgold.blogspot.com/2005_12_18_globalgold_archive.htmlhttp://globalgold.blogspot.com/2005_12_25_globalgold_archive.htmlClick on the chart below to enlarge:
Gold and silver are moving together hand in hand. Not surprisingly gold and silver are having a very similar wave count.Click on the chart below to enlarge :
New high, good support below so a any pullback should be very shallow. After all gold should not be cheap forever, right?
Very Interesting action for gold , see new support line on the one hour chart and a possibility of constructing a box formation. If the support line goes watch the Fibonacci lines, keep an eye on silver and the rest of the precious metals complex.More later …real1.Click on the chart below to enlarge:
Nothing goes straight up, so are gold and silver. Silver was leading to the upside (rallied 100 cents with no corrections) and now leading to the downside, already touched its 50% Fibonacci retracement line. Gold did not pull back much like silver and shouldn’t go much lower then the 38.2 Fibonacci retracement line( if any). You can use this opportunity to add more positions.Click on the charts
Some intraday consolidation for gold and silver, Still very strong action and up trends lines in place.Click on the charts below to enlarge :
It was an excellent new year start for gold , silver and their indices. The 8/24 hours gold spot chart is annotated with a 3 parallel lines to make it easier to see where things are probably headed and what performance one should expect from the Forex of nature.In the future I might post some gold and silver stocks charts but I want to warn you that the stocks tough can and do outperform the
Very nice move for the Forex of nature. Not much news , simply bullish action.click on the chart below to enlarge.
Many Traders and Investors are waiting on the sidelines to get into gold; some of them are waiting for a better price or got stuck with the wrong Elliot wave count. This is exactly the reason why we aren’t likely to see any correction soon. The climb from the 489 $ bottom is very strong and a nice triangle pattern was built. Gold might register a new high very soon.Click on the chart below to
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