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Worst
case correction in our view is gold to $1007. Support is now $1107-$1115 with
next lower at $1092.50, $1085 and a $1065-most probable low.
 
Worst
case silver to $16.00 support with other higher supports at $17.15, $17.00,
$16.85, and $16.48 most probable new low before the next rally, We
Forecast Gold & Silver Index To 156.32 On The 41 Day Moving Average.
Worst
case XAU support expected is 140. Support-resistance 150 most probable.
U.S.
Dollar Index worst December price 72.50-74.50. Highest in the first quarter
of 2010 would be 78.50, then a gradual selling event back to 72.50. Last half
of 2010, all bets are off when several markets crash in later May through
July, 2010.
Summary
We
did a forecast on gold several months ago at a New Jersey conference and said
$1250-1260 on the December futures. I think we got $1226, which is pretty
close. After our current correction is completed I expect $1325 to $1375.
Trading ranges are going wider and faster. Gold can easily swing $50 in one
session.
After
our new corrective base for silver at $16.48, we forecast the March, 2010
silver futures to a new intermediate high of $21.50-$22.00.
The
XAU shares index should easily be back to 200 resistance after correcting
down to 140-150 support. For the fall of 2010, we are in a brand new XAU era.
The
US Dollar Index normally has the worst month of the year in December. For
now, the December futures are 76.95 and we roll to the next most active month
next week. The whole range in our view from now through May, 2010 will be
72.50 to 78.50. Following May into next summer, the dollar sinks steadily and
gradually toward the 72.50 price. It should be under 70.00 but other
nation’s currencies are falling even faster and some of those trades
are causing investors to move into dollars. On the other hand dollar
inflation should drop the index price next year.
Be
very careful as we move forward in time. Trading is going faster and more
volatile with wider trading ranges in precious metals and other markets. Try
to be in position ahead of time rather than locking yourself into trades at
the very last minute. Futures traders should always use stops and shares traders
as well.
Personally,
I can see unbelievable opportunities to trade that we would never see again
for many years. Turn these problems into opportunities. Those on the right
side of the trade might get rich. Those on the other side are just victims.
Stay Alert. – Traderrog.
Roger Wiegand
www.webeatthestreet.com
Also
by Roger Wiegand
Roger
Wiegand is Editor of Trader
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