Showing posts with label XAU. Show all posts
Showing posts with label XAU. Show all posts
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.
1) The Dow Jones Industrial Average made a new all times closing high of 11,727.2) Gold is sharply lower. Cbot gold trading had another serious malfunction today (not the first one this year…), AMEX GOLD BUGS INDEX is down 6.67% for the day.3) The Dow / Gold ratio is nearing completion of an A-B-C correction wave – in my opinion.4) The Gold/Oil ratio closed above its 200 weekly moving average
Gold and silver Recovery is almost as sharp as the correction. The violent down move was clearly non sustainable and counter move quickly followed. If you trade this market using margin use it very wisely if any. As the bull market continue it is very logical to expect similar moves and even more volatile market. Gold outperformed both the XAU index and the HUI index today, in my opinion it is
Not Much change in the gold market today, silver pulled back some but not too much.CBOT Expands Precious Metals Complex and Launches 100 Ounce Gold Futures Options read more Expect more of the same for the foreseeable future. New exchanges for gold and commodities will open all over the world as the sector will be more and more interesting for Investors. Long way to go...Gold Indices have done
There are 3 main gold stocks( gold and sometimes silver mining companies) Indices: CBOE GOLD INDEX(GOX) , AMEX GOLD BUGS INDEX(HUI) and the most known PHLX GOLD AND SILVER SECTOR IND (XAU).The fact that the gold stock indices had very small correction is a positive sign for the near future price of gold ( the gold indices tend to lead the gold price most of the time).Not much have changed today
Gold is a chemical element in the periodic table that has the symbol Au (L. aurum) and atomic number 79. A soft, shiny, yellow, dense, malleable, ductile (trivalent and univalent) transition metal, gold does not react with most chemicals but is attacked by chlorine, fluorine and aqua regia. The metal occurs as nuggets or grains in rocks and in alluvial deposits and is one of the coinage
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