The <b>Gold Price</b> Dropped $19.70 to $1273.70 Good Day for Buyers |
- The <b>Gold Price</b> Dropped $19.70 to $1273.70 Good Day for Buyers
- Is The Technical Gartley Pattern Guiding The <b>Gold Price</b> to $1260 <b>...</b>
- <b>Gold price</b> falls on fresh selling; silver plunges - Business Today
| The <b>Gold Price</b> Dropped $19.70 to $1273.70 Good Day for Buyers Posted: 21 Aug 2014 03:01 PM PDT
Bad day for the gold, good day for gold buyers. The GOLD PRICE dropped $19.70 (1.55%) to $1,273.70 while silver dropped only 8.2 cents (0.242%) to 1939c. Where does that put gold? It fell through its 200 day moving average, but as I have been mooting some time, it fell nearly to the uptrend line from the December low, which today is near $1,270. Today's low hit $1,273.40. If the GOLD PRICE doesn't catch around here, or tomorrow above $1,270, we're dealing with another thing. Also, a cyclical low is due between the 21st or 22nd. Tomorrow will tell us. Y'all notice how the SILVER PRICE drops here much more reluctantly than gold? That's because down around that 1930 area (low today came at 1928c) buyers are waiting. There is lateral support there (call it 1925c), but silver also managed to close just above that downtrend line from August 2013. Either silver and gold prices turn around at/near these prices, or they'll take another big drop. Watch closely tomorrow. A jump up would be very positive, a lackluster performance negative. Today the S&P500 closed at a new all time high, up 5.86 (0.29%) to 1,992.37. Dow did not make a new high but closed above 17,000, higher by 60.36 (0.36%) at 17,039.49. Depending on how long the mania continues, S&P500 could easily reach 2000, even tomorrow. Why am I always so negative on stocks? Because I have seen these tops before, and when they happen you can't find a radioactive bear with a Geiger counter, because everybody but everybody is bullish. But think about it: when everybody is bullish, everybody has bought, and one bright day you run out of buyers. This is playing out much like the July - August 2011 gold top. People say they can set a target, but I don't have much faith in that. Dow could reach -- not now, but later this year -- over 18,000. I just watch for the signal that it's turned. In the past few days both the Dow in Gold and Dow in silver have fundamentally changed their chart's appearances. Can't call it a correction any longer because it looks like another advance. Most likely target would be the June tops, which would paint double tops on the chart. those June tops are at 892.99 oz (S$1,154.57 silver dollars) and 13.53 oz (G$279.69 gold dollars). Today the Dow in Gold finished up 1.7% at 13.36 oz (G$276.18) and the Dow in silver closed at 872.96 oz (S$1,128.68). US dollar index backed off 8 basis points (-0.13%) to 82.21 today. Caution is that the dollar index made a new high for the move but closed lower than yesterday, and that's the first half of a key reversal. Euro clawed back 0.17% to $1.3282, still rotting and brown around the edges. Lower euro a-coming. Yen lost another 0,1% to 96.30. Sick, sick. Aurum et argentum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger © 2014, The Moneychanger. May not be republished in any form, including electronically, without our express permission. 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 or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose.  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Is The Technical Gartley Pattern Guiding The <b>Gold Price</b> to $1260 <b>...</b> Posted: 22 Aug 2014 11:53 AM PDT With this week's big bullish move in the US dollar, it's not surprising to see commodities like oil and gold have taken a hit. In particular, gold traded down nearly 30 points over the first four days of the week before stabilizing around $1280 today. That said, a developing bullish pattern suggests that gold could find strong support if the selloff extends toward $1260 next week. Since the start of June, gold has carved out the majority of a Bullish Gartley pattern. For the uninitiated, this formation is named after the author (H.M. Gartley) and page number (222) of the first book to describe it (Profits in the Stock Market) way back in 1935. In essence, it helps traders identify higher-probability turning points in the market from the convergence of multiple Fibonacci levels. In this case, at least four significant levels all converge around $1260:
As a further technical confirmation, traders may want to see if the RSI indicator reaches oversold territory, which would also augur for a bounce. Readers should note that the Gartley pattern does not necessarily suggest we will reach point D, only that strong support is more likely to emerge if prices drop to that zone. Meanwhile, from a fundamental perspective, Janet Yellen's Jackson Hole speech earlier today failed to plow any new ground. While that's hardly surprising, some traders were hoping that her views may have shifted toward the growing hawkish minority of the Fed, as revealed in Wednesday's minutes. Her obstinate adherence to her prescribed script may take some of the luster of the US dollar next week, and in turn, lead to a relief rally in gold. If we do see a bounce from the key $1260 support zone, the Gartley pattern suggests that rates could rally all the way back toward $1310, the 61.8% Fibonacci retracement of the whole ABCD pattern (not shown). Conversely, if the pattern fails and the yellow metal falls below $1250, it would indicate that the selling momentum remains strong and could open the door for a move down to the 7-month low at $1240 next. You can find more of FOREX.com's research at http://www.forex.com/latest-forex-research.html Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warrant that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, nor does the author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that FOREX.com is not rendering investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. FOREX.com is regulated by the Commodity Futures Trading Commission (CFTC) in the US, by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC) in Australia, and the Financial Services Agency (FSA) in Japan. Please read Characteristics and Risks of Standardized Options. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold price</b> falls on fresh selling; silver plunges - Business Today Posted: 19 Aug 2014 08:55 AM PDT PTI Mumbai Last Updated: August 19, 2014 | 21:25 IST Gold prices dropped at the local bullion market on Tuesday on account of fresh selling by stockists coupled with subdued local buying support and sluggish overseas sentiment. Silver plunged to a two-month low and closed below the key Rs 44,000 per kilo mark owing to frantic speculative unwinding. Standard gold (99.5 purity) slipped by Rs 185 to finish at Rs 28,190 per 10 grams as compared to last Saturday's level of Rs 28,375. Pure gold (99.9 purity) also drifted by same margin to settle at Rs 28,340 per 10 grams from Rs 28,525 previously. Silver (.999 fineness) slumped by Rs 470 to conclude at Rs 43,665 per kg against Rs 44,135 last weekend. Globally, the shiny metal fell below the significant USD 1,300 an ounce mark, spooked by upbeat US data and easing fears over geopolitical unrest amid caution ahead of Fed meet outcome on Wednesday. Gold for December delivery settled at $ 1,299.30 an ounce on the Comex division of the NYMEX late on Monday, while silver September contract gained marginally to $19.64 an ounce. PM says tough steps against corruption in offingWarning those indulging in corruption, the prime minister said the earlier attitude of paying bribes and getting away with poor quality work will not be tolerated. |
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