Quick update, as I'm traveling this week. Gold hit my target from a few weeks back. After -$40 Friday, I'd be surprised if this will be a V-shaped bottom, but I don't think we'll see below $1650 on a close. That's how I'm betting anyway.
Same with silver. I expected the 34- and/or 55-wk MAs to be tested on a weekly close. I don't think we'll see a weekly close below $30.50.
A longer update next week!
4 comments:
big money will sit on hands until after tuesday usa election..
This morning we see the US dollar index rising above its 200-day moving average, confirming the strong risk aversion
currently gripping the market..
gold should be reasonably well-supported between the 100- and 200-day moving averages at $1,663-69.
cheers!
Silver is bouncing after Friday's decline. An
hourly resistance is at 31.52. Hourly support is at
30.68 (05/11/2012 low).
• Short-term oscillators are deeply oversold. The
strong support at 30.23 (30/08/2012 low) is
expected to hold.
Gold is bouncing after Friday's decline. Hourly
resistances can be found at 1699 (24/10/2012
low) and 1706 (intraday low). Hourly support is at
1673 (05/11/2012 low).
gold the 21-week SMA touch was at 1673
not counting fixed income, just about the only usa etf's to gain in the session after the election were precious metals related!
cheers!
gold has had 5 'tails-away from 55-day SMA touch' on daily chart candles since 10/24, including yest. at 1733! wow
cheers!
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