Saturday, March 17, 2007

Gold & Silver Charts

Dear readers,

The price action of gold was somewhat mild recently as the money metal consolidated around its 50 days moving average. The uptrend which connects the October 2006 and January 2007 lows is still intact, additional support levels at the 200 daily MA and a bit above the January low. In my opinion there isn't much conviction yet as if another leg up will begin from here or is further decline might be required. Silver is looking to me a little bit stronger but not much strong either. The HUI is indecisive at best and lately I was bubbling something about the approach of long term buy & hold commodities?

gold daily chart

silver daily chart

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