Future of Gold and Silver Price As on 25-08-2009
Like a Spring, the Gold Future Price is Coiling for a Break Out
Change: -10.90 or -1.1%
Silver Future Price Close Today : 14.195
Change: -3.1 cents or -0.2%
Pliatinum Future Price Close Today: 1237.80
Change: -18.70 or -1.5%
Palladium Future Price Close Today: 283.75
Change: 2.50 or 0.9%
Gold and Silver Future Price Ratio Today: 66.38
Change: -0.915 or -1.4%
Dow Industrial: 9,509.28
Change: 3.32 or 0.0%
US Dollar Index: 78.22
Change: 0.18 or 0.2%
Sorry to keep starting every day with the scrofulous US DOLLAR, but right now that's where the action is. After breaking through 78.33 support on Friday, the dollar recovered 18.1 basis points today, rising to 78.221. Y'all will immediately perceive that 78.221 is not as great as 78.33, so the dollar remains below support in a downtrend. Unless it closes above 78.33, nothing changes in the outlook.
STOCKS today gave mixed messages, some indices up & some down. Confused markets don't usually rise. The Dow rose 3.32 to 9,509.28, while the S&P500 fell 0.56 to 1,025.57. Something new did pop up here: the Dow In Gold Future Dollars (DiG$) went to a new high for this lackluster rally, G$208.61 (10.091 oz). Because stocks have only very slowly and with great difficulty gained on gold future, I don't take that as a sign of anything more than the DiG$ nearing a peak in its rally. I don't expect it to better $215.00 (10.401 oz).
Speaking of confused markets, the GOLD Future PRICE today fell US$10.90 to close at US$942.30 on Comex, while silver future price rose 3.1 cents to a Comex close at 14.195. Now y'all understand why I hedged my comments Friday. The Gold Future price needed to follow up with a higher close today, but fell instead. Isn't that weak? Not really, because it didn't fall out of the triangle it has been trading in. I'm tempted to say (with Ned Schmidt) that gold Future Price is in the hands of traders, who are taking it back and forth to scalp small scalps. However, the technical pattern doesn't lie. Gold future price continues to trade within that triangle; falling out of the triangle would have spoken of terrible things, but Gold Future Price has not fallen out of it. And even-sided triangles can break out up or down. Like a spring, the gold price is coiling for a break out. It's a bull market, so it will most likely break out to the Upside.
The SILVER Future PRICE rose today, refusing to confirm gold's Future Price drop. Since silver Future price is the more volatile metal and the smaller market, that might be a bullish sign. Downside silver might fall to 13.60 without falling out of its upward channel. On the upside, silver future price needs to climb above 14.25, then challenge 15.00 again.
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The Gold Future Trading and Silver Future Trading Price Has Not Been Broken
Change: -3.00 or -0.3%
Future Silver Trading Price Close Today : 13.876
Change: -0.5 cents or 0.0%
Future Trading Platinum Price Close Today: 1,239.00
Change: -3.50 or -0.3%
Future Trading Palladium Price Close Today: 274.30
Change: 0.80 or 0.3%
Future Trading Gold Silver Ratio Today: 67.76
Change: -0.192 or -0.3%
Dow Industrial: 9,350.05
Change: 70.89 or 0.8%
US Dollar Index: 78.36
Change: -0.14 or -0.2%
Since Monday's low at $930 the Future Trading GOLD PRICE has been locked in an uptrend. Today it dropped at the open, then built a tight even-sided triangle with a high at $942.90 and a low at $938. Think of a triangle as a coil being compressed. When at last it springs out, it jumps a long way. But the further out into the triangle's nose it trades, the weaker the final breakout will be, i.e., the less distance it will run -- usually.
Future Gold today reached an equilibrium at $940. Equilibria are high tension states that don't last long.Future Trading Gold may not rise right away, but it certainly has not been broken, and, now I believe, won't break.
The Future Trading Silver Price last two trading days closely resemble gold's: uptrend from Wednesday, drop on opening, then trading sidewise to upward in a tight, narrow triangle.Future Trading Silver triangle looks like a flat topped rising triangle, which usually breaks out upwards.
The US DOLLAR INDEX looked sicker still today. It closed at 78.358, down 14.3 basis points, with a high of 78.667 and a low of 78.299. Most of the day it traded in a 20 basis point range, 78.40 - 78.60. The Dollar just rolled over in a hump from yesterday and melted downhill. Twill surprise me if the dollar doesn't fall through 78.33 support tomorrow and make a long step on its journey to 74.
STOCKS are reaching for 9,400 again, at which point the correction will kick back in and take them lower. Dow today closed up 70.89 at 9,350.05. The S&P jumped over the magical 1,000 point to close at 1,007.37, up 10.91.
I went to the charts today expecting little, but looking at the dollar,Future Trading gold, and Future Trading silver, I believe this week has answered my questions. The scrofulous dollar has shot its wad, and LO!no bullet was there. Future Trading Silver and Future Trading gold prices have been bloodied, but return unbeaten.
Now the market may hand me my head on a platter tomorrow, I well know, but what I see is what I see.
