Tuesday, December 21, 2010

Gold in a trading range

Gold has been in a trading range from the beginning of October when it passed $1315 to a high in early December at $1422.  Gold is up +27% year to date and the last 3 months may be a consolidation period before the next move up. With about 8 more trading days for 2010, it looks like it will finish the year between $1350 and $1422. (Unless there is some major catalyst for a upwards or downwards move from here).

Silver has been in a tight trading range over the last 2 months with a slight upwards bias.  Silver is up 73% year to date, so a consolidation period is due. A potential pull back is also a possibility before the $30 is pierced and realized as a support level, not a resistance level.

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