Gold and silver
rose aggressively overnight. As I
forecast, gold challenged resistance at the $930 level and pulled back after
reaching as high as $929.30 on the key contract. Gold is likely to consolidate the gains between $900 and $930,
but once it makes a breakout above $930, it will be challenging minor
resistance at $940. Once it breaks out
above $940, Standard Bank analysts say it will be off to the races on the
upside.
Dow Jones Wi…
Original Post By Google News by Joe Battaglia
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After a nice
200-point rally yesterday, the Dow has given up 120 points of that rally in
early trading. The weakness in the equity
market is due to information coming out that suggests the economy is continuing
to weaken and that the worst in the economic news maybe yet to come. Concerns about economic weakness are also
putting some pressure on the gold market, which has been overbought and due for
a corrective process. While gold is
lower this morning it is…
Original Post By Google News by Joe Battaglia
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Gold is down again
this morning, as there seems to be increased risk appetite for equities. That took away some of the safe haven demand
for gold and left gold somewhat on the defensive this morning. Technical considerations may also be
involved as gold is sliding back toward the level from which it made a breakout
higher on Friday. In early trading gold
is down $6 and silver is down $.17.
Meanwhile the Dow Industrials are up 90 points at 8,265. T…
Original Post By Google News by Joe Battaglia
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Gold and silver are
both lower testing support. Gold is
trading around $898 an ounce and silver around $11.98. Consolidating around an even number like
that is a normal kind of performance.
It was to be expected that we would see a consolidation range after
pushing as high as we did above resistance.
I would look for gold to trade in the $900 to $930 range with the potential
to dip back to $875. The likely pattern
would be trading around this $9…
Original Post By Google News by Joe Battaglia
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Gold seems to be
clearly breaking out on the upside in reaction to a weaker dollar. In early trading, gold is up $15, while
silver is up $.21. The dollar is down
74 basis points at 84.88 and oil is down $.53 at $45.95 a barrel after reaching
a high of $47.05. The Dow is up 112
points. Gold has reached a three-month
high on increasing momentum to the upside.
Momentum buying has produced a technical rally that looks set to
decisively breakout abov…
Original Post By Google News by Joe Battaglia
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