GOLD AND SILVER FUTURES REPORT
AS ON THURSDAY 03-09-2009
----------------------------------------------------------------------
GOLD FUTURES is Now On The Short Road to $1,000
GOLD FUTURES PRICE Today : 978.80
Change: 24.10 or 2.5%
SILVER FUTURES PRICE Close Today : 15.440
Change: 40.5 cents or 2.7%
DOW FUTURES INDUSTRIAL: 9,280.67
Change: -29.93 or -0.3%
US DOLLAR FUTURES INDEX: 78.00
Change: 0.58 or 0.7%
As I said yesterday, somebody had to give way today, and it was NOT SILVER and GOLD FUTURES.
The GOLD FUTURES PRICE burst its bonds with a vengeance. It gapped up at the opening (leaving a "runaway gap"), fought sideways around $965, then once through $965 jumped another $10. Closed on Comex at $978.80, up $24.10. Now it is trading at $978 - $980. Tomorrow I would be comforted to see it close above $980. Checking GLD the gold ETF today shows volume jumped from about 8 million shares to about 25 million today, confirming the breakout.
Not to be outdone by gold, the SILVER FUTURES PRICE jumped 40.5 cents to close on Comex at $15.44. It might encounter a little resistance at $15.50, but $16.00 remains the big target. A cross above $16.00 will send silver shooting rapidly toward $18.00.
What might gainsay my interpretation of upside GOLD FUTURES and SILVER FUTURES price breakouts? Only gold falling below $955 and SILVER FUTURES falling under $14.80. No, I believe gold is now on the short road to $1,000.
Yesterday the US DOLLAR INDEX jumped up when it crossed 78.4, and today it crashed down to and through 78.4. This looks like the Nice Government Men goosing a bunch of jittery shorts, then being met by a solid wall of selling beyond their power to throw back. Another interpretation is that today's fall is a touchback to point of upside breakout. Dollar index still must close below 78.33 and then 77.50 to confirm a breakdown. Today it closed at 78.394, down 32.6 basis points.
STOCKS today fell, the Dow 29.93 points to 9,280.67 and the S&P500 3.29 points to 994.75. Stocks are correcting right now, but I am not certain they will not yet climb once again before the whole rally ends.
Change: 24.10 or 2.5%
SILVER FUTURES PRICE Close Today : 15.440
Change: 40.5 cents or 2.7%
DOW FUTURES INDUSTRIAL: 9,280.67
Change: -29.93 or -0.3%
US DOLLAR FUTURES INDEX: 78.00
Change: 0.58 or 0.7%
As I said yesterday, somebody had to give way today, and it was NOT SILVER and GOLD FUTURES.
The GOLD FUTURES PRICE burst its bonds with a vengeance. It gapped up at the opening (leaving a "runaway gap"), fought sideways around $965, then once through $965 jumped another $10. Closed on Comex at $978.80, up $24.10. Now it is trading at $978 - $980. Tomorrow I would be comforted to see it close above $980. Checking GLD the gold ETF today shows volume jumped from about 8 million shares to about 25 million today, confirming the breakout.
Not to be outdone by gold, the SILVER FUTURES PRICE jumped 40.5 cents to close on Comex at $15.44. It might encounter a little resistance at $15.50, but $16.00 remains the big target. A cross above $16.00 will send silver shooting rapidly toward $18.00.
What might gainsay my interpretation of upside GOLD FUTURES and SILVER FUTURES price breakouts? Only gold falling below $955 and SILVER FUTURES falling under $14.80. No, I believe gold is now on the short road to $1,000.
Yesterday the US DOLLAR INDEX jumped up when it crossed 78.4, and today it crashed down to and through 78.4. This looks like the Nice Government Men goosing a bunch of jittery shorts, then being met by a solid wall of selling beyond their power to throw back. Another interpretation is that today's fall is a touchback to point of upside breakout. Dollar index still must close below 78.33 and then 77.50 to confirm a breakdown. Today it closed at 78.394, down 32.6 basis points.
STOCKS today fell, the Dow 29.93 points to 9,280.67 and the S&P500 3.29 points to 994.75. Stocks are correcting right now, but I am not certain they will not yet climb once again before the whole rally ends.
To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. GOLD FUTURES primary trend is up, targeting at least $3,130.00; SILVER FUTURES primary is up targeting 16:1 GOLD FUTURES and SILVER FUTURES ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold futures; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down.
Post a Comment