Tuesday, March 5, 2013

Gold 1.5 year trading range+


I'll start updating this blog once, maybe twice a week for those that want to drop by and see/read some general analysis on the PM markets.   I had (and still have) a problem with Google's adsense program which halted my interest in blogging for a while.

Here is a 3 year weekly chart of Gold which has been in a trading range since the mid to latter part of 2012. In the short term, it is still in a technical downtrend as the RSI is heading down, the MACD is under the centerline and the Slow Stochastics K line is under the D line and is in over sold area.

I continue to hold onto a core physical metal (Silver) and have a swing trading account. Over the last 1.5 years in the Gold / Silver market, only the 'traders' have made any fiat $ in these markets. Pro traders are making money going both long and short which is easy to do with inverse ETF's like AGQ for Silver, DZZ & GLL for Gold and DUST for the miners. (Most people are not going short on PM futures contracts)

With this long consolidation, I expect a rally at some point this year...?  Summer?  Fall?  I heard one guy on CNBC this morning in which he stated that Gold will be lower by the end of the year.  The fed last week mentioned that it may end QE earlier than expected as the economy gets stronger.  I'm with Peter Schiff who has stated that the Fed will not stop their fiat printing drug addiction.

No comments:

Post a Comment