Gold, Silver and Crude Oil thread

Hook Shot said:
Decent short opp should be developing in Gold - would love new highs but will take whatever the market gives....:p I'd really like a $60 slider though ...in my drreeeeams !
Click to expand...

this could be it HS..good luck!:cool: broken uptrend since 6/2 see if there is something bigger afoot here..
 
Gold at new highs...longer term chart

With Gold at new highs..will it push onwards to 1k? What then? From chart we can see a pretty much uncorrected rally from the breakout of the triangle at 688..

Still bullish long term for gold ie 1k and higher..however a push towards 1k may be time to short it in view of correction of this rally from Sept 07..

Many gold bugs looking for 970 minimum (and secretly hoping for 1k)..
 

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Timing off but ........

Hook Shot said:
Decent short opp should be developing in Gold - would love new highs but will take whatever the market gives....:p I'd really like a $60 slider though ...in my drreeeeams !
Click to expand...

....... we got the $60 slider ... $60 day range so far
 
Hmm....... looks like a pretty fierce correction is developing in the commodity complex.

Deflationary economic collapse? Leveraged traders selling to offset credit market losses? Who knows?

Anyway, I've attached a chart of Spot Gold (Weekly) which should be self explanatory.

I have no idea how far the correction will go. But, I've alarmed $860 and ideally $805 to notify me of potential very very nice re-entry points at, or around, the 50% and 61.8% fibonacci retracements of the prior major upswing. These support zones also represented where the buyers appeared. I particularly like the $775-800 level as the major trendline should, in theory, offer support during late summer/early autumn.
 

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  • Spot Gold Weekly 190308.JPG
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Latest chart of CME Gold Futures

Failed backtest of steep ascending trendline. Marked in grey.

Potential re-entry setup around $825-860 (c.50% fib retrace) or ideally $760-800 (c.61.8% fib retrace as per previous upswing). Marked in white.
 

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Alarm fired off today with Spot Gold currently at c$850.

Here's a big picture Monthly Chart with the fibonacci retracement of the move from the double bottom at $254 to the peak at $1033. Interestingly, major support zones lie within the 50%, 61.8% and 78.6% retracement levels.
 

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crude oil chart like gold?

May be a few more $ to run on the upside..but this could be blow off move...(short medium term)...similar to Gold a month or so ago?

Goldmans says 200 for oil....but not today or tomorrow...:eek:
 

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donovan5 said:
Saw Jim Rogers on bloomberg earlier basically saying there's no chance of a slump in the oil price even with minor retractions we are in a bull run which will go on for years due to there not being enough oil out there and no major finds.
Click to expand...

True longer term for oil looks bullish...

UK's Brown says "Nuclear energy expansion key to reducing Oil dependency" - I assume he means electric cars will be the future? (unlikely near term)

HOWEVER: seems like oil is hitting all the headlines - newspapers, tv, politicians mouths, etc etc... COULD this be signalling a SHORT/MEDIUM term TOP????

Chart for last 30 years attached...at extreme we could fall to 80 and STILL be in BULL mode.....Food for THOUGHT ...

IMHO one more push to test high or new high and will test the "short" waters...

Also for those who think that falling oil will be ultimately bullish for equities...(short term maybe) BUT we have had rising mkts and rising oil for last 5 years min...seems like oil and equities positively correlated.... so FALLING oil and equities (signs of WEAK economies?)

Maybe the trade may be BUY gold sell oil???

all above mho only!!
 

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Gold Futures

Updated Weekly Chart. 3 S/R pivots, highlighted in white.

Also included Relative Strength against the e-miNY Light Crude futures contract. Interesting juncture? See also catracho's post on this page.
 

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Interesting to see long term P&f on gold since the lows......... which seems to show two legs up and two pullbacks. The first of $180 (720 down to 540 roughly) and the second is happening now and if we use 1030HI then the floor at 850 would give equality ... some charts use 1020 and so the floor becomes 840 for equality...

So what ? It could mean we might be ready to resume the upside with new highs ??? Yes there are bearish indications out there but so long as 840/50 holds I can't get too skittish! I'm watching to see if we can "regain" 900....

Prices are for spot Gold.
 
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