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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, June 4, 2010

Gold and Silver 4 Jun

Gold has clearly lost short term momentum as price fell short of the all time high of 1249.30.   All 3 oscillators are showing dropping momentum, with the stochastics painting a bearish cross. We now have a pattern of a lower high, which in itself is not bearish.  We would need to see a lower low to confirm a down trend pattern, which would be 1166.50.  That is quite a ways off and is illustrative how strong the bullish gold trade has been. Until then, the market is characterized as neutral with a down bias.  Support comes from the Bollinger band and 45 day MA around 1180, then the Fibonacci 38.2% retracement at 1170, followed by the previous low at 1166.

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Confirming the waning momentum, the GLD Elder Impulse chart is painting a red bar.  It skipped the blue bar which would have indicated an exit from any trade position.  Red is signal for short trades, but is only valid if price is below the 65 day EMA, which is depicted by the MACD (1,65,1) indicator at the top of the chart.  A reading above the zero line indicates price is above the 65 day EMA.  So, a short trade signal should be ignored.  In other words, market is neutral.   




Silver is in a similar boat as gold with a lower high now established.  The previous low of 17.43 would have to be taken out to establish a lower low, which would then confirm a new down trend.  Until then, the market is neutral with a down bias.  Price is currently sitting on the Fibonacci 38.2% retracement, but looking lower.  Support is coming around 17.40 where the previous low, Bollinger band, and the 100 day MA are all bunched together.

The Elder Impulse for SLV is now painting a red bar (price below 13 day EMA and negative MACD histogram slope) and the price is very near the 65 day MA, as shown with a reading of .036 on the MACD (1,65,1) indicator.  This means any further erosion in price will give a short sale indication, combination of price below 65 day EMA and red bar. 
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