Analysis of Gold and Silver


Louis Cypher said...

Bill also writes:
Gold Trends Intra Day Gold Update - Aug 2nd

In last nights Website update gold initial resistance was listed at 1622-1626 but that level was exceeded. 2nd tier resistance was listed at 1633-1640 and the high so far is 1640. Support was listed at 1607-1615 and the low was 1616.

Trades: I am currently flat and have no short term plays on.

I am pressed for time today so we go right to the charts:

The gold market has continued to move higher as the 1633 has given way. There was a massive battle at 1610-1630 that took place between the bulls and the bears.

Resistance for the rest of the day is the 1640-1650 area. Support is the 1629-1633 area.

Short term cycles still call for a top by today but price rules at the moment and it has to be respected.

In summary, the uptrend is still in play. It takes a close below 1615-1621 to neutralize the upside. I am standing aside today and watching the action.
Gold Trends Intra Day Silver Update - Aug 2nd

Silver's pullback to support at 39 held and price has pushed back above the 40 dollar area this morning.

Resistance is the 40.40-40.80 area for the remainder of today. Support is the 38.80-39.05 area.

Short term cycles also favor a peak this week but at the moment price is in charge. The 41.20 - 41.50 area is weekly resistance and a close above that area would favor the 43-46 dollar area. In summary, the trend is still up, but I am cautious. Watch 40.40-40.80 as resistance today.

The Big Setup said...

Well I guess I was right about the direction of SILVER on that previous post. (the one where I posted on the wrong page..LOL)