Dear readers,Lets go straight to the point, given the extreme volatility, gold defined a trading range of 33$, 655$ - 688$ for the spot price. In my opinion gold can stay inside this trading range for some time as new positions are building up. A break below the trading range will send the price of gold towards 600$ while a break above and the 2006 high (730$) comes to play. Which way will it go
Dear Readers, Despite of recent spike in the price of gold and silver, gold indices continue to under perform, see recent Gold Indices Review.I wish to share with you an advertisement I saw at yahoo finance HUI page:This more then all is a symbol for the current market sentiment, everyone seems to be bullish about gold lately, gold being a popular topic for main stream investing blogs, The
Dear readers,The GLD chart is annotated with the uptrend channel inside a one year trading range of about 17$ which equals to 170$ in the dollar price per gold ounce. The chart includes the ETF volume bars and two indicators, RSI and PPO which both in the overbought territory after up trending since June 2006.
Dear readers,Today gold had a big up day after yesterday big down day. Interesting to note that the April Future contract (ZGJ7) high of the day was 703.2$!! . At the same time April Contract at the COMEX (GCJ7) traded not higher then 686.5$. Apparently all buy stop orders at the CBOT where triggered creating a spike up and arbitrage opportunity. This is something that already happened before …
As it seems the USD index is at or near a bottom. If my Elliott Wave count is correct then wave 2 is completed and wave three up is expected to begin and carry the USD index higher then the top of wave one(85.45). for longer term USD index charts and Elliott wave count see Saturday, December 02, 2006 US Dollar Index (USDX) Elliott Wave Update
Dear readers,In order to understand the current price behavior of gold you have to go back to the early 1980. Back then gold topped at 850$ an ounce, this is also the all time nominal top as most of you probably know. After going extremely parabolic and rising more then 100% in less then 2 month the price of gold immediately crashed back to 500$ in less then two month. Few month later a secondary
Dear readers,Gold in terms of yen have made a new multi years high (See the long term gold/yen chart below).Other then this I would like to repeat several points:As the great global gold bull market continues expect the price of gold to be more effecting for other market prices and less effected by them. Expect more gold products. Most importantly – Volatility will rise from time to time both on
BOSTON--(BUSINESS WIRE)--State Street Global Markets LLC, an affiliate of State Street Global Advisors (“State Street”) (NYSE: STT), and World Gold Trust Services, LLC, a wholly-owned subsidiary of the World Gold Council, today announced that the opening of trading in streetTRACKS® Gold Shares (NYSE Symbol: GLD) on the New York Stock Exchange will be changed from 9:30 a.m. Eastern Time to 8:20
Dear readers,I'm posting gold and silver spot weekly charts along several gold ratio charts (Dow Jones, crude oil and silver). Please refer to the latest WTI crude oil charts review and this old post: http://globalgold.blogspot.com/2006/10/dowgold-goldoil-ratios-update.html
Dear readers, The price of gold bottomed at early January and managed to climb about 60$ (roughly 10%) . I'm posting a gold spot chart with several Fibonacci sets, diagonal support lines and the continuation of the Elliott wave count.Enlarge the chart for better view.
Dear readers, It was a busy month! , Posted below are some of the latest international gold market news:IMF to make central bank gold lending data more transparentBlanchard & Company study calling for greater transparency in central bank gold lending accounting has apparently helped to convince the International Monetary Fund to adopt a landmark accounting change in the way central banks account
Subscribe to:
Posts (Atom)