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BLOG WATCH
TECHNICAL
With the markets being a bit
neutral to bearish at the moment, I thought these technical analyses
worthwhile by highlighting some of the risks to the downside.
Dan Norcini:
“rallies
are going to be sold UNLESS gold can clearly get back above $1680 …
Downside support near $1600 is now in play with a breach of that setting the
stage for an even deeper drop down towards $1570.”
MIG Bank: “Continue
to watch for a break below $1600 (psychological) and $1567, thereby offering
further setback into $1522 (29th Dec swing low) … Only a sustained
confirmation above $1810 will put the bearish scenario on hold.”
Numarkan Investments: “Gold
had been in a 20-month long "Bump-and-Run Reversal Top" pattern
but, with the recent events, has transitioned from the "Bump" phase
to the "Run" phase. This should result in a downhill run in its
price to the first support line at around $1,500/ozt.”
Option Trading Signals: “short
term targets to the downside are likely somewhere in the 1,475 – 1,525
price range. I think gold will find a major bottom near these levels and a
strong bounce will play out. For long term buyers, I would take advantage of
the forthcoming pullback.”
If that is all a bit depressing,
then read Jeff Clark’s latest which has some good charts comparing this
recent correction (from $1781 on 28 Feb) to past corrections, concluding that
“the
current downdraft in gold and silver is an opportunity to prepare for the
next upswing” and Frank Holmes who believes that gold
should thrive in the current environment .
Download today’s full Blog
Watch (pdf 259kb) for more reviews, including:
JP MORGAN CHASE NOT IN METALS
MANIPULATION BUSINESS
CNBC’s interview with JP
Morgan’s Head of Global Commodities, Blythe Masters, got the
blogosphere excited over the holiday break.
DAY TRADING GOLD
Converting cash profits into
physical bullion is a good strategy and one I’ve seen many of our
clients employ.
INDIA JEWELLERS GOLD STRIKE
Despite claims that three weeks
of pent up demand for precious metals was unleashed when the strike was
called off, The Perth Mint is not seeing any interest from India.
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