Gold Price Close Today : 906.20
Gold Price Close Yesterday: 922.30
Change: -16.1 or -1.7%
Silver Price Close Today : 17.155
Silver Price Close Yesterday: 17.698
Change: -54.3 cents or -3.1%
US Dollar Index Today: 71.84
Change: 0.48 or 0.7%
When GOLD PRICE broke through $914 today, the bottom just fell out, and it hit a low of $896.55. However, it closed above that $904 level I was watching yesterday, at $906.20. Still, this leaves things up in the air. The apex of the November-December 2007 triangle lies at $800, so that's a possible target. The 200 day moving average lies at $815, that's another. Above that lies strong support around $850, which seems a more likely target to me, assuming (that is) the gold price drops through $900.
The SILVER PRICE took a slightly rougher blow than the gold price today, dropping 54.3 cents to close at $17.155. Assuming it breaks $17.00, possible targets are $16.80, $16.30, and the 200 DMA at $15.20. Y'all will notice that I didn't say which target I thought it would hit. (1) I don't think either metal has a lot farther to drop, so that's a max of $850 for gold and $16.30 for silver. (2) The correction shouldn't last more than the next 5 days.
Tough minded investors can buy now, but I would prefer waiting a day or so to see how things pan out.
STOCKS seem to have lost focus & steam after breaking through 12,750, but I would surely be surprised if they stopped here. Surely stocks have more upside? Balance favours higher stock prices.
US DOLLAR INDEX rose 48 basis points to close at a magisterial 71.843. Hogwash. It just can't get out of its range. I call that weak.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
"Buy Silver and Gold Coins at the Best Prices"
http://the-moneychanger.com
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.
