A technical look at gold, silver, oil and the Dow
Doc wraps up the markets today with Cory using their technicals to point out resistance and support zones for a number of markets. First we take a close look at gold and silver from a short and long term basis. Next we move into oil as it closed above $51 a barrel. We close up talking about the Dow and it’s close above 18,000.
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I shorted gold miners from the peak of the trading day and cashed in some quick coin before the close, agreeing with Doc that we are trending sideways to down, not up. For now, though, it gold appears is maintaining this level. There’s obviously a lot of strength in the gold market.
Doc, you say gold could move up a little more before it turns down. What level do you think gold could move down to? Is it probable that gold will move down before it moves up or just possible?
The bias is upward right now and should push towards the $1280+ region over the next week and a half. Up until the FMOC meeting.
Silver:Gold Ratio + GDXJ
At the 2011 top for the silver-gold ratio, the weekly RSI(14) was about 90. It is just 56 today and ready to go much higher.
The daily chart couldn’t look better…
Hi Matthew. Do you just use this site to put your views or do you publish. I would be interested to read more.
Hi Herbert – This is it, I don’t publish or post comments anywhere else.
Hi Matthew. Do you just use this site to put your views or do you publish. I would be interested to read more.
Sorry for posting twice. Made a hash of using the ‘reply’ facility.
The conventionals just keep on going up don’t they.
Hopes are fading of any kind of pull-back in order to buy in. Decades from now we will all be sat in our wheelchairs still waiting… and will tell young ‘uns about the days in early 2016 when the markets did actually go down.
They will think that we are telling fibs.