2 replies to this topic

[SilentOne]

It looks increasingly like gold needs to test the 65 week MA before any rally in shares is possible.

http://bigcharts.mar...&mocktick=1.gif

So far this year is looking like a replay of early '04 for PMs.

cheers,

john

Edited by SilentOne, 28 January 2005 - 08:16 AM.

[SilentOne]

I would like to see one more kick down in the metals and the shares to show positive divergence. Then I'd buy it for a nice trade. Seasonally we are there. Just waiting for the greenlight. From INO.com April gold was slightly lower overnight as it consolidates below broken fib support crossing at 429.70. Stochastics and the RSI are turning neutral hinting that sideways prices are possible near-term. Multiple closes above the 20-day moving average and the reaction high crossing at 427.50 are needed to confirm that a short-term low has been posted while opening the door for a larger-degree rebound near-term. If April gold renews its decline off December's high, the 50% retracement level of last year's rally crossing at 420.20 is the next downside target. March silver was slightly lower overnight in subdued trading as it consolidates below the 25% retracement level of the December-January decline crossing at 6.825. Stochastics and the RSI are becoming overbought and have turned neutral hinting that a short-term top might be near. If March extends this month's short covering rally the 38% retracement level of the December-January decline crossing at 7.073 is the next upside target. Closes below last week's low crossing at 6.47 would confirm that a short-term top has been posted while opening the door for a possible test of this month's low crossing at 6.35. Overnight action sets the stage for a steady to weaker tone in early day session trading. cheers, john

[swanstkdh]

Look at this thing this am. I am hoping we go down from here as well and test the 410 area. Not looking like it . If we rally from here it will be a tough wall and sticky trade . After the wave up the crash in pm prices could be really hard back down to the lower levels Could be fun though. I would like to see it test bottom here instead. Less of a roller coaster.