Monday, July 17, 2006

Gold short term update

This post is for short term traders only.

Gold opened the week with a gap up , this gap better be closed as soon as possible in my opinion, but it can take a few days.

Silver continue to under perform.

It is obvious that a lot of speculative short term money has entered the gold market based on the Middle East conflict; they will leave on first sign of truce.

These factors are short term negative for gold.

gold chart

3 comments:

real1 said...

As far as I'm concerned the gap is closed.

bubble_watcher said...

This morning has registered an outside day reversal, so it looks like another short term correction in the gold market is underway.

real1 said...

Yes, that gap up was bearish, along extreme bullish publications all around
I'm looking at the charts and will soon post some..

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