The priced of gold bounced from the 680's $ support area.Cyclical support and resistance areas : 680$, 745$, 772$, 845$, 930$, 988$, 1032$.Gold spot ten years weekly chart anotated with support resistance and trend lines
Here is an interesting site that collect eBay gold and silver auction data.http://www.24hgold.com/english/buy_sell_gold_coins.aspxPremiums over spot are high to say the least.
September bottoms failed to hold for both gold and silver. The price of Gold made a new bottom at around 681$ for spot gold. The price of spot silver traded as low as 8.47$.Gold support and resistance zones: 541$, 559$, 607$, 638$, 681$ <> 744$, 772$, 845$, 930$, 988$,1032$Silver support and resistance zones: 5.20$, 6.30$, 7.23$, 8.46$<> 11.03$, 12.02$, 12.59$, 13.07$, 13.73$, 16.48$, 19.44$,
Between March and September[2008] the price of gold declined almost 300$ (1032$ - 736$), So far thats the biggest decline both in nominal and percentage terms – since the global gold bull market had begun. At the same time the price of Silver declined more then 50% (21.34$ - 10.24$). However, as both gold and silver reached some kind of cyclical bottom a sharp rally then followed:gold 179$(736$ -
Recent downward action is similar to 2006 action , this time the pressure in the markets is probably more severe but there are lots of price action similarities, just do the calculations. Honestly, I do think that gold can go lower in the short to medium term if market pressure continue but over the longer term I do think that much higher rates might be coming. Thats all for now.
Previous week action:Gold traded between ~893$ and ~934$ which is a 41$ trading range for the week. Open = 928$ and close 910$, third red candle in a row.However, gold did not trade below or above any significant low or high. Cyclical resistance zones: July 15 high of ~988$ and March 17 high (all times high) ~1032.20$.Cyclical support zones: 12 Jun Low of ~857.45$ May 2 low of ~845.50$.Pivot zone
Subscribe to:
Posts (Atom)