Thursday, December 30, 2010
Those vertical dotted lines on the chart are Fibonacci Time Zone tool which is stretched from the high on Oct 14th to the high on Nov 9th. It projected another peak on Dec 6th, but was one day early. The 6th was actually an up day and the 7th a down day, but hit the all time high at $1432 an ounce. The next peak isfor Thursday the 31st, so we will see shortly if it is an up day as well as a possible breakthrough over the $1432 level. (Optimistic thinking for a Gold bull)
The $30 level may be becoming a support level instead of a resistance level. Is it too early to say goodbye to ~20 Silver? I know some people wish that they purchased more last Summer when it was trading between ~$17 and $18 an ounce.
January is a strong month for Gold based on 'seasonal' data. If the financial markets hold up, the miners should do well along with rising metals prices.