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Friday’s Gold, Silver and Metals ETF Forecast

The following is a daily report for gold, silver and precious metals ETF’s . This report contains daily fundamental comments with the technical forecast and trading ranges for tomorrow’s derivative markets.

This daily report that will give you very clear action to take regardless of any market bias. It defines for you the support and resistance levels and identifies the highest probability day trading levels you can apply relative to your trading plan.

Let’s see what the daily forecast looks like for tomorrow’s trading in the precious metals derivatives markets.

Gold

The gold market once again ranged down sharply and that in turn probably resulted in additional knock on selling pressure. The bear camp was probably emboldened by what appeared to be a broad based physical commodity market liquidation wave. However, seeing energy stocks in positive ground and periodic positive action in US equities, might have cushioned gold against even more aggressive downside action! Some players claimed year end selling prompted the brunt of the washout but that would seem to be a little premature given that there are 5 trading days left in 2012.

Technicals

The gold contract closed at 1649. The market closing below the 40 day MA is confirmation the trend momentum remains bearish. With the market closing below the VC Weekly Price Momentum Indicator of 1653, it confirms the price momentum is bearish. Look to take some profits, if long as we reach the 1669 and 1632 levels during the week. Buy corrections at the 1632 to 1616 levels to cover shorts and go long on a weekly reversal stop. If long use the 1616 level as a SCO/GTC (Stop Close Only and Good Till Cancelled order).

Silver

The silver market saw one of the biggest washouts since early November today. Some players will suggest that silver was confronted with a long list of negative developments and that conditions today justified the setback in prices. With such significant technical damage on the charts, it is likely that technical stop loss selling played some role in the declines today. As in the gold market, silver was reportedly seeing year end liquidation pressure but with a number of days left in the year that angle seems to be a stretch. In the end, the lack of forward progress on the fiscal cliffs was thought to be the main issue behind the slide in silver prices.

AGQ

The AGQ/ETF contract closed at 43.10. The market closing below the 40 MA is confirmation the trend momentum is bearish. With the market closing below the VC Weekly Price Momentum Indicator of 43.09, it confirms the price momentum is bearish. Look to take some profits, if long, as we reach the 44.13 and 45,17 levels during the week. Buy corrections at the 42.05 to 41 levels to cover shorts and go long on a weekly reversal stop. If long use the 41 level as a SCO/GTC (Stop Close Only and Good Till Cancelled order).

SLV

The SLV/ETF contract closed at 29. The market closing below the 40 MA is confirmation the trend momentum is bearish. With the market closing below the VC Weekly Price Momentum Indicator of 28.99, it confirms the price momentum is bearish. Look to take some profits, if long, as we reach the 29.34 AND 29.67 levels during the week. Buy corrections at the 28.66 to 28.31 levels to cover shorts and go long on a weekly reversal stop. If long use the 28.31 level as a SCO/GTC (Stop Close Only and Good Till Cancelled order).

GDX

The GDX/ETF contract closed at 44.81. The market closing below the 40 MA is confirmation the trend momentum is bearish. With the market closing below the VC Weekly Price Momentum Indicator of 44.81, it confirms the price momentum is bearish. Look to take some profits, if long, as we reach the 45.46 and 45.85 levels during the week. Buy corrections at the 44.42 to 43.77 levels to cover shorts and go long on a weekly reversal stop. If long use the 43.77 level as a SCO/GTC (Stop Close Only and Good Till Cancelled order).

GLD

The GLD/ETF contract closed at 159.41. The market closing below the 40 MA is confirmation the trend momentum is bearish. With the market closing below the VC Weekly Price Momentum Indicator of 159.41, it confirms the price momentum is bearish. Look to take some profits, if long, as we reach the 160.44 and 161.14 levels during the week. Buy corrections at the 158.71 to 157.68 levels to cover shorts and go long on a weekly reversal stop. If long use the 41 level as a SCO/GTC (Stop Close Only and Good Till Cancelled order).

Silver Correction Meets Targets 12-20-12

Thursday’s Gold And Silver Forecast

Gold

In retrospect, February gold contracts spent a lot of time waffling around unchanged levels, but at times the market did return to the vicinity of the prior session’s lows. Perhaps some players were simply defeated in the wake of the downward bias…. click here to read more

Is Gold Ready To Explode?

Is Gold Ready To Explode?

Latin America data points recently indicate a generational change is on the way in how they view gold as a percentage factor relative to the individual region’s reserves.

Ever since Venezuela’s President Hugo Chavez put last year Latin America gold reserves on the map by requesting to repatriate their gold reserves on deposit in English banks, we really did not have much data available regarding the region’s central banks’ gold reserves.

Now the gold bug appears to be catching in Latin America.

To read more click HERE

 

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