Is Gold Ready To Rally Again?
We have all heard the numerous reasons to buy and hold gold. They include: Hedge against geopolitical unrest Hedge against the sliding dollar Inflation and deflation hedge Diversification …and many more The trade I am looking at and hence the charts here are on the popular gold etf; GLD It’s no secret and the […]
Silver Looking More Constructive Again
We're playing this very carefully, but Silver did now construct a fairly solid bottom. As of this morning it is moving up to the $35.80 mark again, which has served as resistance on a daily closing basis for the past nine trading days. A move above that level could lead to higher levels. Gold is […]
Friday Afternoon Charting Fun: Gold
A little perspective on the move in gold should go a long way. The inverse head and shoulder pattern that developed from November to March hit it's ultimate target almost to the dime near $153 (on the GLD). After the recent 6.5% correction the GLD found support at the rising 50 day […]
Pre-Market Notes – Tuesday March 29th
Pre-Market Notes – March 29th With the SPX right at (but above) the 50 dma, yesterday was a bit of a lazy session. Investors need some rest here to digest the wild swings from the past two weeks. At the same time it is quarter end (3 trading sessions left) this week so I would think the swings […]
Morning Update, SPX, Metals & More
An early selloff led to a classic intraday double-bottom and ended up with a rally. On the S&P500 daily charts we now have the 50 dma and the critical $1300 right here and looking at the overnight futures (up 0.75% right now) we might open above those two key levels. Whether that ends up being a […]
Inverse Head And Shoulders Pattern In Gold?
Note the potential inverse head and shoulders pattern that setup in the GLD. If this plays out textbook, the final profit target would be near $53 and a stop-loss could be set near $135.
Silver (SLV) Looking For Further Upside
After a two week 'resting' period silver and gold look ready to party at higher levels. Look at the triangle-shaped consolidation pattern in the chart below. I will be long at the market with stops at $33 and targets at $39. It is of course possible this is some sort of double top, but given […]
Gold (GLD) Breakout
The GLD broke above $141 this morning, triggering a buy signal on our end. On the weekly chart below note the steady upward movement over the past few months (and obviously years as well) with nice consolidation periods here and there. On the daily chart note the consolidation pattern that started early March and […]
MCMoran Exploration (MMR) Potential Long
MMR has been holding up well and after consolidating some over the past few days looks to have found solid footing to move higher. If the stock can hold above $18.40 I will add to my longs and move the stop to $17.50 with a target near $20.