|Gold Price, $/oz||1,207.10||7.40||0.62%|
|Silver Price, $/oz||16.37||0.12||0.74%|
|Dow in GOLD $s||308.01||-2.66||-0.86%|
|Dow in GOLD oz||14.90||-0.13||-0.86%|
|Dow in SILVER oz||1,098.64||-10.89||-0.98%|
|US Dollar Index||94.49||0.37||0.39%|
|3 Day Gold Price Chart|
|30 Day Gold Price Chart|
|5 Year Gold Price Chart|
|3 Day Silver Price Chart|
|30 Day Silver Price Chart|
|5 Year Silver Price Chart|
Technically that completes a 2 day key reversal for the GOLD PRICE, but not a very enthusiastic one. Always safe to give those things another day, which would mean a higher close tomorrow. Yet so far gold has bounced off the uptrend line from November. Why is it that the best places to buy are also the places that scare you most?
The SILVER PRICE reached its 50 DMA ($16.79) today then fainted. Couldn't break out of that falling wedge.
Silver's five day chart shows a double bottom (Tuesday & Wednesday), an attempted rise off that, & a tumble nearly back to that starting point. Needs to jump clean over $16.80.
The gold price five day chart shows a V-bottom yesterday followed by a rise that failed today at $1,223. $1,205 offers support. This will be a bottom IF gold can remain above $1,205.
The Greeks dropped their demand for a bailout settlement & are headed into another round of [endless] negotiations Friday with Eurozone finance ministers. (Wonder why they call 'em ministers? I bet none of 'em are ordained, & probably not a one goes to church. Like the US Treasury secretary who can't even type or take shorthand. Wow -- cushy Government jobs!)
Looks like the Europeans intend to talk this crisis to death, too. They just keep on droning on & on until finally nobody, not even the media-trained public, will listen any longer.
This latest stock rally is rolling over with another down day today. Dow misplaced 44.08 (0.24%) somewhere while the S&P500 was bereft of 2.23 (0.11%) to roost at 2,097.45.
None of this really tells us anything about longer term direction. For starters, a downturn would have to violate the 20 DMA at 17,713 before anyone would suspect a turn. Yes, it could drop that far tomorrow but 273 points is a large move. Chart now says regardless what happens in the next week, we will see higher prices in the next month.
The Dow in Silver & Dow in Gold charts jiggered a little, but not enough to amount to anything or say aught.
Watching the US dollar index is liable to wear out your cervical vertebrae as bad as a fast tennis match, up, down, up, down. Today it reached up 37 basis points (0.39%) to a 94.49 close. Dollar index has traded out into another even sided triangle, and will break one way or t'other soon, largely.
You'd have thought the news out of Europe about the Greeks backing off their demands would have boosted the euro, but you'd have thought wrong. It fell 0.34% to $1.1357. Barely above its 20 DMA. Working out into a triangle that ought to resolve soon.
Yen mislaid 0.26% to close at 84.03 cents/Y100. Bumping along the bottom of a trading range from 86.30 above & 83 below. Booooring.
Aurum et argentum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
© 2015, 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.