Change: -12.30 or -1.3%
Silver Price Close Today : 14.348
Change: -31.3 cents or -2.1%
Platinum Price Close Today: 1251.40
Change: -5.00 or -0.4%
Palladium Price Close Today: 275.55
Change: 0.00 or 0%
Gold Silver Ratio Today: 65.86
Change: 0.567 or 0.9%
Dow Industrial: 9,337.95
Change: -32.12 or -0.3%
US Dollar Index: 78.04
Change: 0.46 or 0.6%
The US DOLLAR INDEX today rose 29.9 basis points to 79.219. The high was 79.395, scant points below last week's high. If the dollar exceeds that, then it begins to look as if last week's low at 77.577 was perhaps the low of the last leg down of the dollar's decline. The 50 day moving average (DMA) stands above at 79.61. Dollar must drop soon or we will be dealing with a dollar rally.
As 9,330 was Dow resistance on the way up, it becomes support on the way down. Maybe stocks have corrected enough, and will start up again tomorrow. No matter, you should be using this rally to get rid of any stocks you have left.
Harbinger to watch: the Dow in Gold Dollars (DiG$, the Dow measured in gold) inched up to a new high today, G$204.27 (9.881 oz.).
The Gold Price dropped today to its 50 DMA (943.26), pretty tame stuff for a correction. Today's low possibly fulfils the goal of a shallow correction. The goldprice may hit US$940 - 938 tomorrow. Correction should not/must not violate US$928 support. Gold's drop came all on the open, then 944 held like a stone wall all day. Comex closed down 12.30 at US$945. Current (16:58 Central time) is US$946.90.
The Silver Price held firm at 14.30. The 50 DMA now stands at 14.10. It's hard for me to picture the silver price dropping below $14
If y'all were waiting for a dip to buy silver and gold prices, you'd better dip your toe in now.
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Daily Gold and Silver Trades:- As On 11-08-2009
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