Thursday, February 16, 2006

Gold and silver commentary

It is yet to be seen if gold and silver already bottomed or is another wave of selling coming? , this week lows are the key answer. A climb above this week highs will almost certainly confirm the bottom while a slide below this week lows will indicate another wave of selling could be expected. Caution is advised for those holding margined positions, while those who have no position can start accumulate averaging up or down, it will not be long before new multi years highs are made – this is my opinion. Those holding a short position should be aggressive buyers at current levels. The Increased volatility in the price of gold is a bullish sign and we are probably going to see huger intraday price movement, once market forces realize that gold and silver are not going lower and the bottoms are in, expect some kind of shorts capitulation which will propel gold to above 600$ and silver to above 10$.

chart gold

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