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
Subscribe to:
Posts (Atom)