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
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