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Like most people who end up with their own blog, I have become overwhelmed with the job of managing information. I subscribe to numerous feeds and literally swim as hard as I can just to stay up to date. Many people I know have asked about where I source my news and commentary and it becomes an awkward, unwieldy experience trying to encapsulate a cogent reply. So this blog is my attempt to point people to a single place where information I follow flows. My blog list is very extensive and I have tried to whittle it down substantially. I am also on the prowl for more blogs, therefore all recommendations will be highly valued! I have daily feed straight to this site some of my favorite content. Daily review of Mish Shedlock, Nathan Martin, Jim Sinclair, GATA, and Martin Armstrong are essential IMO and will be posted here. Also, I endeavor to provide weekly Technical Analysis of Gold, Silver, US Dollar, and select markets. I hope to provide some with an exposure to technical analysis, and at the same time hone my own skills. Also, I will be adding commentary to the daily feeds from other sources. In time, this will be the primary focus of my blog as frequent visitors will channel feeds appearing here directly to their own sites and will come here for either analysis or commentary. I hope you find some utility here and it serves you well out there in the Matrix!

Friday, May 28, 2010

Gold and Silver update 27 May

GLD closed up today off of the high which matched yesterday's high.  So we have a little resistance at 119 that needs to be cleared to open the way to 122 and beyond. Overhead resistance is still the previous all time high of 122.29.  Support comes in at the 20 day MA of 117. 81.  Further support comes at the reaction low and Fibonacci 38.2% retracement around 114.60.  All indicators are in the neutral range



Silver performed better than gold and SLV painted a nice candle, taking out yesterday's high.  It also slightly above the 20 day MA, which is now providing support. Further support comes  around 17.68, the 50 day MA. Resistance is coming fro previous chart resistance around 18.50, and then the last high of 19.46.  As with GLD, all indicators are in neutral territory.




The miners did OK and GDX essentially equaled yesterdays high water mark and butted up against resistance at the 20 day MA.  Further resistance waits at 51.60. Support is being provided by the 50 day MA at 48.08, then an area around 46 where the previous low, 100 day MA, and the 200 day MA are located. Next week, this chart will deserve a little extra scrutiny.  A potential head and shoulders pattern may be forming, with the left shoulder in place at 51.50 and the head at 54.53.  To nullify this potential pattern we would like to see 54.53 taken out on this move, or if a local high occurs under 54.53 is is associated with higher volume than the left shoulder.  Just because I like to look for trouble, the projection for a head and shoulders reversal looks to be around 42.  Yikes, I don't want to go there.   



via StockCharts.com
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