Sunday pre-game 7/29/2012

 Hello friends - I have a lot of charts, but hopefully they speak for themselves, because I have little time for analysis. Consider this a teaser: our subscribers can feel free to ask questions in comments, and I'll be happy to give them the real inside scoop of where prices will be by the end of the summer (and those of you who haven't subscribed, I'm running a promotion - only $1355817 of useless fiat/ electric blips a year).

For you cheapskates, my take home is that there's too much unwarranted bullishness in the PM-o'-sphere. *This* week will very likely be the one to confirm whether the bullishness is justified.

For example, look at the 40-day EMA (blue) ... gold made it barely past 2% over (red) for the first time since the February Bernank-Tank (since which it's been effective reisistance, and a very consistently profitable selling point for me). But like the last time it hit the red line, it coincided with a Bernankevent (black circle), and there will be one this week, so let's see if it holds.

Gold monthly lookin good, if it can finish the week here or higher. The brown dotted line continued to be a great point to go long.
The MAs I'm watching are the 377 (thick blue), which has been solid support for the entire bull, and has just been cleared; the 50 day MA (just cleared), and the 144 (which is like the 200 day at the $1645 level, and would be a good place to take some profits if gold moves up early in the week). I've also drawn horizontal lines depicting the length of the last two big corrections (with the 3 colors marking the low, the first peak before another sell-off, and then the breakout in 2008. Similar-seeming action currently)

 Gold in euros is looking steady:

Now, some silver charts:

Nothing too exciting just yet on the daily, though the long span of sideways action reminds me of August 2010 before the big breakout
Long term log silver
And a zoomed in version
Linear long term silver, with purple trend line holding strong. I think $22 is improbable here, at least much more improbable than it was a month ago

 And as I mentioned last week, I'm not playing with silver until the CCI chart clears its 233 day MA (orange). It hit the 200 day MA last week (blue), but lost its resolve and dicked around above its Fibonacci line.


Cullen said...

I can't find the sign up link! Where do I sign up? I'll just email you my credit card information.

GM Jenkins said...

If only it were that easy, Cullen. I encrypt the link using an old rotor machine I won in a high stakes game of pinochle. It's my way of culling only the most serious and intelligent investors among you. The sign-up link will take you the next step, which explains in detail how you may accept payments from my offshore accounts and cash them for me. Only then, will I accept your credit card info. Good luck!