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
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