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Metals Commentary
April gold futures closed up $1.70 at $1,124.20 Wednesday. Prices closed nearer the session low. A weaker U.S. dollar index and firmer crude oil prices supported buying interest in gold Wednesday. The gold market bulls this week have kept a six-week-old uptrend from the early-February lows in...
Seeking the brighter metal
The boring old cliche goes, "beauty lies in the eyes of the beholder." Cliches may be boring but they hold true, at least for gold and silver. So if you are debating whether to play gold or silver, look into your heart and find your true intentions. Know if you plan to marry or just have an...
Metals Commentary from Jim Wyckoff
METALS April gold futures closed down $7.60 at $1,095.60 today. Prices closed nearer the session low today on more profit taking. Gold sold off today despite a weaker U.S. dollar index, which is another bearish clue for gold. Bulls have faded this week and are back on a level near-term...
Silver slides
As with other risky assets, the two-week rally in silver reversed course yesterday. As a matter of fact, the price ($15.67) declined to below its 200-day moving average ($16.00), having already breached the 50-day line in mid-January ($16.96). Looking at the broader precious metals complex,...
Chart Presentation: Gas and the 80-cent Canadian Dollar
Let’s get this out of the way first. Our expectation is that China’s construction boom is going to collapse as massive excess supply meets the reality of tighter credit. Our expectation is that raw materials prices are going to decline significantly along with long-term Treasury yields. Our...
Metals Commentary
April gold futures closed down $2.20 at $1,117.60 yesterday. Prices closed nearer the session low yesterday after hitting a fresh four-week high early on. A stronger U.S. dollar index pressured gold yesterday. The bulls still have some upside near-term technical momentum. Bulls next upside...
Gold Update - February 12, 2010
Just a quick update on gold. Unlike silver, which gave a long-term sell signal this week, the picture is less clear for gold. The recent correction looks like it may be complete. I have posted the gold etf GLD and you can see that there is support around 100. Additionally, the pullback looks...
Metals Commentary
April gold futures closed down $4.10 at $1,073.10 yesterday. Prices closed near mid-range yesterday and were pressured by a firmer U.S. dollar index. A nine-week-old downtrend is in place on the daily bar chart. Bears have the overall near-term technical advantage. Bulls next upside technical...
Stock Market: Testing…
Stock Market: testing… S&P 500 Composite (SPX) closed lower but held above Friday’s intraday low. SPX remains well above its rising 200-day simple moving average now at 1019.89. Various short-term momentum oscillators, such as RSI 14, turned down but still held above the recent lows and...
Stock Market: fell steeply to lowest level in 3 months
Stock Market: fell steeply to lowest level in 3 months. S&P 500 Composite (SPX) fell 3.11% for its biggest one-day drop in 10 months. Various short-term momentum oscillators, such as RSI 14, also fell steeply but still held above last week’s low, showing bullish divergence compared to price. ...
Metals Commentary
April gold futures closed down $7.50 at $1,110.50 yesterday. Prices closed nearer the session low yesterday after hitting a fresh two-week high early on. The stronger U.S. dollar put downside price pressure on gold yesterday. Bulls and bears are now on a level near-term technical playing field....
Stock Market: S&P 500 bounced up 1.43%
Stock Market: S&P 500 bounced up 1.43%, for the best gain in 4 weeks. Various short-term momentum oscillators, such as RSI 14, rebounded to their highest levels in 6 trading days and now show bullish divergence compared to price. Given that the market was nearly as oversold as in July 2009, a...
Metals Commentary
February gold futures closed down $0.40 at $1,084.10 yesterday. Prices closed near mid-range and hit a fresh three-month low yesterday. Gains were limite yesterday by a firmer U.S. dollar index. A three-week-old downtrend is still in place on the daily bar chart. Bears have the slight near-term...
Metals Commentary
February gold futures closed down $10.60 at $1,102.00 yesterday. Prices closed near mid-range yesterday and hit another fresh three-week low. A firmer U.S. dollar early on did pressure gold. Price action in gold this week has produced a bearish downside "breakout" from a trading range on the...
Stock Market: new highs confirm a broad-based, major uptrend.
Stock Market: new highs confirm a broad-based, major uptrend. Health Care still stands out. The DJIA, S&P 500, NASDAQ Composite, and the NYSE Cumulative Daily Advance-Decline Line all rose to new 15-month highs, thereby confirming a broad-based, major uptrend for the general market. All 3...
