It should be noted that this index has had difficulty maintaining its footing much above the 81 level for any length of time so effectively, it remains rangebound until proven otherwise.
If it were to manage a solid weekly close above the 81.50 level, it would probably make a run towards 83.50.
I want to continue to monitor this chart, especially in relation to the price of gold. So far the rising Dollar has not negatively impacted the price of gold as it has bounced off the $1660 level in spite of the US Dollar move higher off of its support level. We might need to see the Dollar break down however before gold can take out that very formidable resistance level above $1695 and extending to $1700. It seems that the stall in the US equity market move higher has generated a bit of safe haven buying in the metal for the immediate time being.
Right now, gold remains stuck in a sideways range until proven otherwise.
Karim,
ReplyDeleteCriticism without introspection has no intellect.
Without constructive creation, no heart.
--- me
I pity a man who fills his inner void with self importance and
strikes out with his envy. Never understanding the power of humility.
Dojitrader,
Deletei have on numerous occasions commented only to have my comments removed. obviously danny boy likes preaching to the converted. why not ask him to enter into a dialogue with me
Hilarious. Crude oil prices were getting out of hand, global stock markets were going parabolic, so Draghi utters some comments that sends the Euro and Gold crashing instantaneously, now the Algos have reversed direction, following the meatball towards the deflation camp.
ReplyDeleteWhat is amazing is how "easy" Central Banking has become, inflation quashed instantly with mere "words" and "Pie-Holing" from Draghi, Bernanke, or others.
And then there is Uncle Abe, hell bent on boosting inflation, stock prices, and the economy "come hell or high water"...
LOL...
draghi comments popped DX and dropped silver..
ReplyDeleteComex Silver Stocks were 158.500 million ounces after tuesday hitting highest since 1997 . Silver stocks have increased 15 of the last 20 days... old timers axiom- if players are using comex they have nothing to do with the metal.
on this usda report tomorrow 11am ct, if soybeans pop +50 then wheat and corn will be dragged up(which then may be a good sale sunday nite if wheat and corn reports are bearish as expected)
cheers!!
Dan,
ReplyDeleteThis is off subject ... any suggestions on a good way to profit from (if) platinum continues rising?
There is a 2x Plat ETF.
Futures are beyond my finances ... $80k+ for 1 contract. I'm looking at options - haven't found any optionable products except for stocks yet.
Nevermind. I see that I can buy futures at a fraction of total cost. Sorry, novice question.
ReplyDelete