October gold was slightly higher overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 1644.00 would confirm an upside breakout of this summer's trading range while opening the door for additional gains into early August. Closes below the 20-day moving average crossing at 1594.40 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1626.90. Second resistance is June's high crossing at 1644.00. First support is the 20-day moving average crossing at 1594.40. Second support is the reaction low crossing at 1550.00.
September silver was slightly lower overnight as it consolidates some of Monday's rally. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 28.445 are needed to renew the rally off June's low. Closes below the 20-day moving average crossing at 27.340 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 28.445. Second resistance is June's high crossing at 29.915. First support is the 20-day moving average crossing at 27.340. Second support is June's low crossing at 26.105.
September copper was lower overnight as it consolidates some of the rally off last Wednesday's low. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above Tuesday's high crossing at 345.70 would confirm that a short-term low has been posted. If September renews the decline off July's high, June's low crossing at 325.00 is the next downside target. First resistance is Tuesday's high crossing at 345.70. Second resistance is July's high crossing at 355.65. First support is the reaction low crossing at 326.50. Second support is June's low crossing at 325.00.
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and i am really tired of socialist hating gold because they cannot print it and buy votes with it.
and because eventually its the only asset that will be standing.
I ran a "Recent Trade Triangle" scan for futures searching for new Trade Triangles issue today just now. Soybeans, corn and wheat came up, among other futures, but no metals. No short term shifts, but I have my alerts on just to be sure. 🙂 Happy trading everyone.
^ I'm really tired of continued debasement of fiat, a world awash in debt that will never be paid, corrupt politicians, US liabilities increasing at 11 trillion per year, Jamie Dimon, trading algos gone wild accounting for 80% of daily trading volume, I can go on and on.
I do have a lot of gold, however.
Were you one of the people that said a forcast $5000 an ounce for gold by years end last fall?
that would be 5000$ by 2016.
i think you conveniently got your dates wrong.
Nope. I'm one of those people who buy every dip and squirrel it away. Been doing it for 12 years. I sleep well at night.
I'm really tired of hearing about gold. Time to give it up people.
We will quit talking about Gold when the Fed quits printing dollars.
The Fed isn't printing dollars. Its issuing credit, which is not the same thing. And when the credit evaporates.....
Yes, the Fed is issuing credit and what do you think happens when it is issued?
Answer: It's used for consumption by consumers. Businesses use it to pay creditors and replace equipment, etc. Governments fund their operations and refinancings.
IOW, it's money, denominated in dollars, and spent. It doesn't go to the dollar cemetery to rest.
"And when the credit evaporates….."
Did I miss your intended meaning, or is there some distinction without a difference you meant to convey?