Tuesday, October 25, 2011

Speculators back in ?

Both Gold and Silver had a nice little bump up today.  (Potential breakout to the upside)  Looks like some of the speculators may be taking positions in anticipation for some price appreciation in November...? ? ?  Once the chart pattern reveals higher highs and higher lows, hedge funds will most likely be in on the ride up. Most of those on Wall Street can 'smell' money...

Ever wonder why the price of a stock or commodity runs up, consolidates, then runs up again and consolidates at certain prices?  Take a look at Pivot Points, you can Google them for how they are calculated and used.  Today's action with both Gold and Silver hit the top Pivot Point which provided resistance on the upside.

Gold futures 5 minute chart

Silver futures 5 minute chart

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