Gold trying to break above 1272-1275 resistance by Bill Downey


	INTRA-DAY NEWSLETTER ~ Nov 12 2014 Wholesale Inventories & Sales Weak Trend Continues, Petroleum Inventories Plunge 13.2% YoY Submitted by Tyler Durden on 11/12/2014 Wholesale Inventories and Sales beat expectations (+0.3% and +0.2% respectively) but, thanks to significant downward revisions in August, hope for a Q3 GDP boost are dashed. Sales growth remains near 2014 lows and inventory growth hovers near 14 month lows. Inventories-to-Sales ratios were flat in September at 1.19 months. Petroleum inventories plunged 5.3% MoM and down 13.2% YoY - the largest since Jul 2009. Russia to Have SWIFT Alternative By May Submitted by Tyler Durden on 11/12/2014 - 08:47 As the West (US and its pressured allies) attempt to 'isolate' Russia more and more, the inevitable cornering further and further incentivizes Putin to develop alternatives to the status quo. In the past, western sanctioners have sabre-rattled cutting off Russian from SWIFT - the international inter-bank payment system - as a next step in squeezing the oligarchs into submission (though 'independent' SWIFT distanced itself from those calls). Now however, as RT reports, Russia intends to have its own international inter-bank system up and running by May 2015. The Central of Russia says it needs to speed up preparations for its version of SWIFT in case of possible ”challenges” from the West. If successful, this would pose a further challenge to the USD's reign as sanction blowback reverberates once again. Gold Chart Gold is still trying to get above its first resistance points of 1172-1175. A daily close above there favors the 1185-1190 area. Support is the 1155-1159 area and then the lower trend line at 1142-1145. The green 200 hour moving average is converging with the blue 89 hour. If price can hold that area and the blue average can move above the green, the short term will be in bullish mode. Cycles The short term cycles are due higher into Nov 22nd (plus or minus 72 hours). We need to close above that lower black dotted trend line say above 1175 for better confirmation. A close below 1140 would put the short term in question. Silver Silver is in the same position as gold as price is at the 89 and 200 hour moving averages at 15.60-15.70. We need a close above 1602 for further upside. If silver can achieve that then a rally towards 1650 should develop. Holding these moving averages and having the blue average move above the green will also be a clue that we're moving higher. Support is 1520-1530. A close below 1485 would be bearish for short term silver and favor another leg down towards 13.10.

	RSS feed		24hGold Mobile
	Gold Data Center		Gold & Silver Converter
	Gold coins on eBay		Silver coins on eBay
	Technical Analysis		Fundamental Analysis