For gold bugs, and even for their lesser brethren in silver, not only is the sun shining in the summer months, but the sun is truly shining on gold as a confluence of factors helps to propel the precious metal ever higher, and one wonders when the angst laden doom mongers will appear forecasting an overbought position.
The metronomic price action for gold is continuing to play out once again on the daily chart, with the rally of late September starting to wane once again, as the precious metal descends once more to test the all important technical support area in the $1308 per ounce region in early trading.
Yesterday was, once again, another negative day for silver, which continued lower for a fourth consecutive session, opening gapped down from Friday’s close before ending at $19.00 per ounce.
Whilst many commodities reacted strongly to the US employment data on Friday, with a consequent surge higher on US dollar weakness,
In my post of 5 days ago I highlighted how a confluence of factors had the potential to drive oil prices even lower, and down towards the $32 per barrel regions, last seen in 2009.
Whilst the spotlight of the metals complex generally focuses on gold whose demise has been relentless, silver too is following the same path lower, and whilst yesterday’s price action for the industrial metal was less dramatic than for gold, the price action this morning has opened up the same technical weakness now self apparent on the daily gold chart.
As the month of October draws to a close, and with the ghouls and ghosts of Halloween preparing to frighten and alarm in equal measure, it is the trick or treaters at the
Whenever I put the proverbial pen to paper and start to write about gold, I can already hear the chorus of dissenting voices from those traders and investors who only view their beloved metal as bullish, and can never accept the reality of what is actually happening on the chart.
For oil traders and speculators the summer months continue to deliver stellar trading opportunities, and whilst equity investors are wringing their hands, the WTI contract shows no signs of wanting to reverse just yet.
Despite being bearish on gold (GLD, quote) for so long, and sounding to many gold (IAU, quote) traders and investors like a old recording stuck in a groove,
