Like gold, silver recently had serious a-b-c correction wave (15.21$ - 9.42$). Silver bottomed below its 200 DMA, rallied to the 50 DMA (wave i) then pulled back slightly (wave ii).Recently silver succeeded to close above the downward diagonal line connecting the May top and the wave (i) top. Currently the price of silver is above the 50 DMA. In my opinion- silver along gold is headed much higher
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It was a good week for gold despite the futures market rollover shenanigans. Spot gold traded between 603$ 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
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