Gold Futures Price to Break Through $1,000 This Fall and Silver Futures to Top $21
GOLD FUTURES PRICE Today : 957.00
Gold Price Close August 21: 953.20
Change: 3.80 or 0.4%
SILVER FUTURES PRICE Close Today : 14.784
Silver Price Close August 21: 14.16
Change: 62.40 cents or 4.4%
Dow Industrial: 9,544.20
Dow Industrial August 21: 9,506.96
Change: 37.240 or 0.4%
US Dollar Index: 78.366
US Dollar Index August 21: 78.044
Change: 0.322 or 0.4%
The really tasty part of today's GOLD FUTURES PRICE action was that close above $955. That was the next resistance gold futures needed to cross. Now one more step above $961, and gold futures price can break free and fly for the moon.
The SILVER FUTURES PRICE is only following, not leading. $15.00 stands as a big block in silver futures price road, but the most massive block is $16.00. Interesting that silver futures price today closed above its monthly average for the last 32 months, $14.784 against $13.98.
On Monday the serious players come back from vacation and re-enter the market. Days of traders running the market up and down in a tight range ought to be past us now. I expect to see silver futures and gold futures prices rallying strongly through September and October. Unless the dollar stages a surprise rally, expect gold futures to break through $1,000 this fall and silver futures to top $21.00.
The US dollar index's close on 21 August didn't answer the riddle after all, and we've been living with it another week. Yesterday the dollar performed so poorly that it seemed certain to crash through 77.50 and confirm a fall, but today it climbed -- late and barely -- above 78.33 support/resistance to close at 78.366, up 27.7 basis points today. For now I am concluding that the dollar has expressed its intention to fall, but we still need to see it close below 77.50 to confirm that.
Even looking at the week's results -- the end of the week never lies about what's happened -- we find a contradiction. The dollar index actually rose this week by 32.2 basis points, still clinging to 78.33 support. Yet gold, after a beating this week, rose US$11.50 today to close on Comex at US$957, up US$3.80 on the week. Silver futures rose a massive 62.4 cents this week,up 56.4 cents today to close on Comex at $14.784.
Gold Price Close August 21: 953.20
Change: 3.80 or 0.4%
SILVER FUTURES PRICE Close Today : 14.784
Silver Price Close August 21: 14.16
Change: 62.40 cents or 4.4%
Dow Industrial: 9,544.20
Dow Industrial August 21: 9,506.96
Change: 37.240 or 0.4%
US Dollar Index: 78.366
US Dollar Index August 21: 78.044
Change: 0.322 or 0.4%
The really tasty part of today's GOLD FUTURES PRICE action was that close above $955. That was the next resistance gold futures needed to cross. Now one more step above $961, and gold futures price can break free and fly for the moon.
The SILVER FUTURES PRICE is only following, not leading. $15.00 stands as a big block in silver futures price road, but the most massive block is $16.00. Interesting that silver futures price today closed above its monthly average for the last 32 months, $14.784 against $13.98.
On Monday the serious players come back from vacation and re-enter the market. Days of traders running the market up and down in a tight range ought to be past us now. I expect to see silver futures and gold futures prices rallying strongly through September and October. Unless the dollar stages a surprise rally, expect gold futures to break through $1,000 this fall and silver futures to top $21.00.
The US dollar index's close on 21 August didn't answer the riddle after all, and we've been living with it another week. Yesterday the dollar performed so poorly that it seemed certain to crash through 77.50 and confirm a fall, but today it climbed -- late and barely -- above 78.33 support/resistance to close at 78.366, up 27.7 basis points today. For now I am concluding that the dollar has expressed its intention to fall, but we still need to see it close below 77.50 to confirm that.
Even looking at the week's results -- the end of the week never lies about what's happened -- we find a contradiction. The dollar index actually rose this week by 32.2 basis points, still clinging to 78.33 support. Yet gold, after a beating this week, rose US$11.50 today to close on Comex at US$957, up US$3.80 on the week. Silver futures rose a massive 62.4 cents this week,up 56.4 cents today to close on Comex at $14.784.
To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold futures price primary trend is up, targeting at least $3,130.00; silver's 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.
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