Sunday, January 04, 2009

Gold Chart Update

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

gold weekly chart

Friday, December 05, 2008

Physical gold and silver data

Here is an interesting site that collect eBay gold and silver auction data.

Premiums over spot are high to say the least.

Sunday, November 02, 2008

Gold and Silver Charts

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$,1032$

gold weekly chart

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$, 21.34$.

silver weekly chart

Monday, September 29, 2008

Gold chart update

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$(736$ - 915$) and silver 3.51$(10.24$ - 13.76$).

Currently gold is trading around 877$ and silver 13.20$.

Despite or given the recent extreme volatile price action it is likely that an important cyclical bottom is in for the price of gold and silver.

Gold support and resistance : ~736$, ~831$ <> ~905$, ~988$, ~1032$.

gold spot weekly chart

Tuesday, September 02, 2008

GGP Update

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.

gold chart