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Tuesday Feb 9th 12:30 AM EST--- the daily
gold and silver buttons are updated as well as buy zone.
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Tuesday February 9 2010 12:35 AM EST USA Time (last Home page
update below)
Read our disclaimer at the bottom of this webpage
Gold radio
http://radio.goldseek.com/
The 21st Century Gold Bull Market
watch is on.
Gold's pullback is now in its 10th
week since the December peak. The 1070 area gave way last week and
now gold is trying to find a bottom from which it can launch a rally
from. The 1075-1095 area is initial resistance this week
followed by the 1110-1125 area.
February is usually a sell month in
the metals and is the 2nd worse month in the stock market for down
prices. Meanwhile the US Dollar remains strong................so
far. Gold bugs should remain cautious until gold can get a
foothold and end this downtrend.
Last weeks test of the 1145 area
culminated in a 80 dollar downdraft from midweek to the low. Gold
is trying to find a bottom from which it can mount a bounce from.
Support is the 1040-1050 area initially. Should gold form another
mid month peak on a bounce, it could set up the potential for an end of
February low and a test of the 200 day average near the 1000 area.
Should gold move above the
1075-1085 area it could spark a rally towards 1095-1110 and allow gold
to resume its rally. Anything less than that and the downside will
remain a threat.
====================================================
Monday's wrap................
Monday's outlook was for gold to consolidate and
the forecast played out. Price remained on the upper end of its
range and tested the resistance listed on the daily report button of
1075-1085 coming in at the 1076 area as a price high on Monday.
Tuesday's
outlook....................
We continue to favor a bounce attempt for gold.
So far gold has consolidated below our old support area of 1070-1075 as
it has become initial resisatance. The bottom line this week is
how gold will act if it can get a foothold above 1075-1085.
So far gold is building up a base from which it
will attempt to get back into the "triangle" zone. Due to the huge drop
last week, some of the moving averages are still a good 30-40 dollars
away.
Support is the 1048-1053 area and last weeks low.
Resistance is the 1075-1095 area on Tuesday.
So far gold is just holding above the tiny blue
moving average at the 1060-1067 area. Should gold move above 1077
it will encounter resistance at the 1081-1087 area (the tiny purple and
fast yellow moving averages). On the downside, a break below the
tiny blue moving average and 1058 would prompt a test of the support
area listed above.
While odds favor a bounce, the potential to
consolidate again on Tuesday can't be ruled out. Gold's spike down
and subsequent bounce on Friday set up a reversal pattern, but it
remains to be seen if it's just a temporary bounce. Stocks,
Silver, and commodities remain under pressure and the Euro has taken a
major spanking so far in 2010.
Bottom line: Gold still has a lot of work to
do to re-establish its uptrend and while a bounce is favored, the short
term price trend has been at the 1067-1070 area for 24 hours bordering
on Neutral and Bearish and leaving its options open as to direction on
Tuesday.
Click on the daily button for a more in-depth
analysis.
=================================
========================================================
The MEDIUM TERM TREND - A visit to a projection made 16 weeks
ago by Goldtrends.
Reprinted BELOW IS MY PROJECTION FROM OCTOBER 17th after we got our
MEDIUM TERM BREAKOUT.
As you can see, this bullish projection was actually too conservative
as November has already reached my December price projection.
Regardless, the black breakout channel top line is still a valid
resistance area on a monthly basis.
SHOULD we exceed the 1144-1155 area, then the next stop should be the
1180-1200 area in gold.
If there is a wave "b" in this chart, and we are currently in it, I
sure wish someone would show it to me as price is really already as far
as I have projected with the exception of the last bar I drew.
THERE IS NOW MAJOR SUPPORT THAT IS FORMING AT THE 1020-1070 area in
GOLD.
THERE UPPER RED CHANNEL LINE HAS BEEN RIPPED TO THE UPSIDE. We
can see the final flurry of 2007 did that also.
NOTICE HOW THE BLACK BREAKOUT CHANNEL was constructed off of that
price area. In regular fashion gold has thrown off the bull wagon
those who were looking for a top in September, October, and now
November. Quite frankly, a pullback would be healthy here, but I
suspect that we must be heading for the 1180-1200 area. If
we remain above 1140 for any length of time..........we'll probably see
those numbers by weeks end.
Bottom line: THE MEDIUM TERM TREND has been up and remains up.
Check out the BUTTONS for more in-depth analysis on the top
left side of this webpage.
==============================================================
Check out the link:
Outlook, Jim Rogers, Nouriel Roubini and Goldtrends own Bill Downey in
UK Telegraph:
http://www.telegraph.co.uk/finance/personalfinance/investing/gold/6537637/Gold-how-high-can-the-price-go.html
================================================
Does the Federal Reserve manipulate the market?
MUST WATCH.. 5 mins
http://www.youtube.com/watch?v=7VPJHfmP3g4
Gold Vs.
Dollar and purchasing power
What to see how many dollars it took to buy a house in 1971 versus
Gold ? There's a table in the link below that looks at 1/2 dozen
different items. A real eye opener.
http://dailyreckoning.com/urgent-update-the-gold-window-is-still-closed/
Click on any of the buttons on the left to get
analysis of the Gold Market. Silver has its own button as well.
==================================================================
Technical Analysis Gold Silver
=======================
Bill Downey is not a registered
investment advisor and holds no degrees whatsoever in the world of
finance of any nature. YOU SHOULD NOT TAKE ANY MATERIAL posted on
this WEBSITE AS RECOMMENDATIONS TO BUY OR SELL GOLD OR ANY OTHER
INVESTMENT VEHICLE LISTED. The author does his best to portray his
thoughts and ideas on the subject. Nothing else. Do your own
due diligence. No one knows tomorrows price or circumstance.
We do not advocate following any recommendation or advice that may be
posted on this website nor will Goldtrends accept responsibility for
being incorrect in its speculations on market trend or key turning
points that it may discuss as they are at best, a calculated analysis
based on historical price observations
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