From the moneychanger.com Next Plunge Should Carry Gold Through $1,490 to $1,460 -- UNLESS Gold Closes Above $1,510
Posted: 30 Jun 2011 04:40 PM PDT Gold Price Close Today : 1502.30 Change : (7.60) or -0.5%
Silver Price Close Today : 34.812 Change : 0.062 or 0.2%
Gold Silver Ratio Today : 43.15 Change : -0.296 or -0.7%
Silver Gold Ratio Today : 0.02317 Change : 0.000158 or 0.7%
Platinum Price Close Today : 1723.70 Change : -1.70 or -0.1%
Palladium Price Close Today : 748.45 Change : -5.00 or -0.7%
S&P 500 : 1,320.64 Change : 13.23 or 1.0%
Dow In GOLD$ : $170.82 Change : $ 2.97 or 1.8%
Dow in GOLD oz : 8.264 Change : 0.144 or 1.8%
Dow in SILVER oz : 356.61 Change : 3.76 or 1.1%
Dow Industrial : 12,414.34 Change : 152.92 or 1.2%
US Dollar Index : 74.38 Change : -0.309 or -0.4%
SILVER and GOLD couldn't agree today, silver up, gold down, and confusion is confusing.
The SILVER PRICE has traced out a long narrow triangle, then fallen down out of that triangle. So far the only puzzle piece missing there is a fall below horizontal support at 3350c. That comes next, unless the silver price blows thru 3600c.
Comex silver added 6.2c today to close at 3481.2c, and in the after market is trading lower, 3464.5c. Rally that began last Monday appears to have peaked overnight and rolled over today, pointing to lower prices tomorrow. 200 day moving average now at 3164c. Start buying when silver hits that mark. May go lower, but remember the ancient market proverb, discovered chiseled on a wall when they excavated Babylon:
Bulls get rich;
Bears get rich;
Pigs get slaughtered.
Silver is acting very strong, fighting any decline. Twill break in scary spurts, but is not now signaling any intention to plunge.
Another catchy development: discount on 90% silver coin shrank today from 105c an ounce to 88c an ounce. Usually behaves that way when silver is bottoming.
The GOLD PRICE fainted at $1,510 resistance, and fell to $1,502.30 on Comex, down $7.60. Trading in the aftermarket at $1,499.90, bad for morale. Next plunge should carry gold through $1,490 to $1,460 -- UNLESS gold closes above $1,510.
Y'all ought to keep that hammer cocked. Time to buy very soon, and I'm uneasy about telling y'all to hold off, cause that gold might not drop thru $1,490. Support at $1,460 and 200 DMA at $1,414.75.
