The Gold Price Low of $1,025.70 Today Might be a Double Bottom
Change: -4.80 or -0.5%
Silver Price Close Today : 16.231
Change: -30.0 or -1.8%
Platinum Price Close Today: 1,302.60
Change: -12.00 or -0.9%
Palladium Price Close Today: 316.00
Change: -13.00 or -4.0%
Gold Silver Ratio Today: 63.45
Change: -12.00 or -0.9%
Dow Industrial: 9,762.69
Change: -119.48 or -1.2%
US Dollar Index: 76.48
Change: 0.34 or 0.4%
The GOLD PRICE dipped as low as $1,025.70 today, and at 1:00 p.m. and 5:30 p.m. bottomed about the same place. That might be a double bottom. I reckon that's the whole downside plunge, with perhaps a spike tomorrow to $1,020 followed by a higher close. A close below $1,018 would gainsay that interpretation. The gold price today dropped $4.80 to $1,029.90.
The SILVER PRICE must climb through $16.40 to $16.50 to confirm that it has bottomed, but this level is about as low as I expect it to drop. Low today was $16.06. Silver closed down 30 cents at $16.2310, down $1.48 in three days. As I always say, 'tis more volatile on the upside, but on the downside as well.
Stocks sank today like your slack-jawed grandpa's upper plate that time he looked over into the well. Point of no return is a break below 9,450, but stocks will look bad sick if the Dow closed below 9,600. Dow today fell 119.48 to 9,762.69. S&P dropped 20.78 to 1,042.63.
The US Dollar Index has risen five days running, some kind of record
over the past year. Till now that's always resulted in a peak and fall. Most likely target remains 76.38, the 50 DMA, or maybe 77. Dollar index today rose 34 basis points to 76.476.
I hate to leave y'all when the markets are as roiled as they are right now, but I have to travel on Thursday and Friday, so this will be the last y'all hear from me this week. God willing, I'll return on Monday. Anyhow, the bottom ought to be posted by Friday's close.
I was out of the office half the day to go visit a friend having brain surgery in Nashville. He had a walnut-sized malignant tumour (glioblastoma)removed, and is recovering well. His name is Stan Poston. I already know what efficient pray-ers y'all are, so I am bold to impose on you again and ask y'all to pray for Stan's complete recovery.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
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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.