For the Weekend :
Platinum & Palladium charts , some PMs buying opportunities , Elliott Wave International Crash Course (needs short registration) - highly recommended !
Happy birthday to Sergio Cámara!
Click on charts below to enlarge:
Friday, June 09, 2006
Gold and Silver Charts
Another Bad week for metals including gold and silver. The Gold Silver ratio (XAU / XAG) = ~ 54.36, Dow / Gold = ~ 18.09, Gold / Crude Oil = ~8.42. Officials made irrelevant comments – many players misinterpreted the comments and got scared, The Market is cheering with 130$ gold Sell off , Gold in terms of Yen is back to the February high. Some predict bear market for commodities. Stock market crash in India, Russia and Saudi Arabia- did I miss something?
For the Weekend :
Platinum & Palladium charts , some PMs buying opportunities , Elliott Wave International Crash Course (needs short registration) - highly recommended !
Happy birthday to Sergio Cámara!
Click on charts below to enlarge:
For the Weekend :
Platinum & Palladium charts , some PMs buying opportunities , Elliott Wave International Crash Course (needs short registration) - highly recommended !
Happy birthday to Sergio Cámara!
Click on charts below to enlarge:
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4 comments:
Many people have been calling for gold to soften. I don't know why, but they seem to be right.
aj
Thanks ;-)
I still don´t see the end of this correction, but the 600 level is important. Specially i will like to see higher volumen and a day of a big crash and afterward recovery closing in the top of the day. The slow downtrend is the worst think it can happend, and we can go to the 585-590 level until, we see a reaction.
A slow movement can continue long time in one side and in the other one, so is time to be away and enjoy life until we see best moments to go long or short.
Bye.
Have we seen today a sell-off??? (-5%).That´s the question, as Hamlet, will say.
We need volume in highs, and the 585-575 is a huge support, and there are no ups and downs straight, always make stair movements. I can feel some panic, and i can see some small acumulation in this points, but at the end the market decide, but we have to see movements pass the 620, to be more sure the downtrend has finished.
A stop for long position in an agressive technique (buying around the 580 level) is under 570.
The market will decide the future.
Bye.
I thought $550 might prove to be a level of support, but this doesn't look like it's going to happen. No buy signal yet from the daily PMO at decisionpoint.com, either.
This has a similar look to the fast and deep correction that happened to the stock market in 1987 and the $440 price level looks like another area for strong support.
However, I think the best thing to do here is to step aside, be patient, and wait for the market (gold) to signal when it is ready to go up again.
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