Daily Free Gold, Silver and Dollar tips in Comex Tips
Silver and Gold Price Removed Most But Not All the Ambiguity Today
Free SILVER Tips, glorious silver, slammed up 40.2 cents today to close at $14.98 cents, highest level since June. From here a believable rally requires silver to climb above $15.00, then run fairly quickly to $16.00 cents and crown it all by smashing through $16.00. Right now, the (free) SILVER PRICE Tips stands on the rallying track.
Today the (Free) US DOLLAR INDEX Tips landed just above its 78.33 support, falling 42.9 basis points to 78.414. Now comes the buck to a real test. If it can hold on at 78.33, and re-bound, then we have to call that a bottom and expect the dollar to rally. On the other hand, if the scrofulus US currency falls through 78.33, well, you wouldn't want to kiss it good-bye, but you could wave bye-bye from a safe distance.
STOCKS keep on rising against all doubts, gaining every day in free dollar tips terms, but stuck against free gold tips. Dow closed today up 36.58 at 9,398.19 and S&P500 up 6.92 at 1,012.73. Dow now stuck beneath 9405 - 9425, so that becomes its next target to conquer. Any fall below 9,200 implies more falling.
Every day that passes impresses on my mind some new fact pointing to terrible turmoil in the US economy and free Dollar tips in society. Pull in your horns. Get your business straight. Don't leave lots of money lying around in banks. Get physical gold and silver tips, and get it delivered into your own hands. Hold it someplace safe, and that does not mean a bank.
To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down.
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Daily Market watch and gold and silver tips. As On :- 06-08-2009
Expect Sideways or Lower Gold Prices Tomorrow
Change: -3.30 or -0.3%
Silver Price Close Wednesday : 14.753
Change: 6.5 cents or 0.4%
Platinum Price Close Wednesday: 1288.00
Dow Industrial: 9,280.97
Change: -39.22 or -0.4%
US Dollar Index: 77.58
Change: -0.14 or -0.2%
Last three days the US DOLLAR INDEX has been bouncing off 77.5 - 77.6. Today it tried to break through that at 77.428 but failed. Today it will probably succeed.
STOCKS did not like something today. Probably need a rest after failing twice to breach 9,325 Dow. Today they should dip further, but rally remains in force.
GOLD'S floor moved up today with a 956.95 low, but it spent most of the day above 962. High was 967.92, Comex close was US$964.20, down 3.30. Expect sideways or lower gold prices today. The larger rally is still going, this is merely a small correction.
SILVER today was bound in the range 14.60 - 14.80. It just couldn't pierce 14.80. Silver could get a 3 day reaction down from here before it mounts another attack on 14.80. Comex silver closed at 14.753, up 6.5 cents.
US DOLLAR depends for its value upon confidence. Yes, it is a confidence game. What grabs my attention by the throat is how many serious people are telling me they no longer trust the US dollar and must get out of it. Friends, this is new. Never heard this before last fall. US regime is losing its core support.
Techinical points
Last day gold opened at 936.00/937.00 and drop a little with light selling, reaching the levels
931.50/932.50 after that seen some bullish with investors demand.
Level is established near 943.00 and the metal traded otherways
within a narrow range. Dollar and Crude traded as heavy buying, triggering stops,
driving gold higher. Within seconds it
spiked to an intraday high of 957.50/958.50, before pulling back and finally
settling at 953.25/954.25.
Silver opened at 1355.00/1358.00 and quickly retreated as the session
began, hitting a low of 1338.00/1342.00. The metal recaptured lost
ground on thin buying, finding resistance near 1355.00. It traded within a
narrow range before it became well bid. Stops were triggered as silver
climbed above USD 1360.00, finally peaking at 1397.00/1400.00. The
market remained well supported near its highs and it traded sideways,
finally closing at 1395.00/1398.00.
Technical Commentary
Gold staged a very strong 20 dollar rally today to current 954. The week is
showing as an "up week" for the third session in a row in a move that
started down at 905. Top side resistance lies at Fibonacci level at 960
followed by June high 990. Gold was weak for the whole week dealing
down to 926, the 100 day moving average.
Silver at current 13.91 is showing as an "up week" for the third session in
a row. The unit appeared heavy all week so today's strong rally keeps the
topside move alive. Silver has resistance at 14.10 followed by 50% Fibo
at 14.35. The Gold Silver ratio is showing as a small "down week" for the
third time in a row at 68.56.
We turned neutral Gold and Silver this week due to the retracements back
through our support levels (Gold 943 and Silver 13.90). Despite the down
side breaks in the daily charts, the weekly trends of higher Gold and
higher Silver remain in tact.
Gold Silver Platinum Palladium
Open 936.00/937.00 13.55/13.58 1,188 259.00
High 957.50/958.50 13.97/14.00 1213 264.50
Low 931.50/932.50 13.38/13.42 1,181 255.75
Close 953.25/954.25 13.95/13.98 1,210 264.50
(Base) 939.00 13.820 1,189 256.00
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Gold, Silver, Platinum & Palladium
Gold Silver Platinum Palladium
Primary Support (Buy) 933.92 13.474 1,176 257.33
Primary Resistance (Sell) 962.98 14.195 1,228 267.83
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Tips related to Technical points:-
The give above analysis indicates that the trends of gold and silver markets at this point of time is some bullish. So you can see new highs in a very short time in both gold and silver. Book your profits at that time. I will tell u more in next week.
