GOLD and SILVER CHARTS The 21st Century Gold and Silver Bull Market July 28 2011

GOLD and SILVER CHARTS The 21st Century Gold and Silver Bull Market July 28 2011
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

Price reached our 1625-1629 zone on Wednesday hitting (1628.30 on Forex) and Thursday came down and tested the lower purple channel line. The upper Gold trend line requires a close above 1631 area to continue the uptrend. Interestingly --- gold is in the final portion of this short term uptrend as the weaker cycle (red circles) ideal peak time is either Friday or Monday of next week.

The blue circles on the chart represent the strong short term cycles. The Red circles are when the weaker cycles are in play. The strong cycle is due to end between July 27th and Aug 2nd -- and a weaker cycle is due to begin that would last until the middle of August. Thus this gold channel and the 1631 area must be watched carefully for a potential short term high. A close above the gold channel line would suggest the move higher will continue into Monday.

We were looking for a pullback into Thursday/Friday and Thursday gave us a key test of lower support and was able to hold support. The move back up into the price close remains right in between the gold and purple channel lines. This is the spot to watch for direction. The next two week move is setting up and the move (one way or another) will most likely set the pace into Mid August. Prices may have peaked short term but if not, the ideal time for it is Friday or Monday.

If price closes above the gold channel line, the potential for an extension into mid August will come into play. We'll discuss it more if it develops. Watch the gold line on the upside 1620-1631 and the purple channel line 1595-1604 on the downside. which ever area gold closes above (or below) should put the next two week trend into play.

Gold using ETF (GLD)
One good thing about GLD is it provides a nice chart of just the New York action. Gold has reached a five year resistance line at a time when the green line is touching this area as well. The Green line measures all the highs from the low of the 2008 crash. THIS POINT IN TIME SEEMS VERY IMPORTANT -- and with price arriving there we should be very cautious. If there is to be a major escalation of price, it will most likely begin here. A WEEKLY or MONTHLY close above this line would open the door to a much higher momentum rate. If the market keeps doing what it has been doing since the crash lows, then a pullback or correction is going to develop when no one expects it -- August thru Oct/November. Then the next big leg up will begin. We'll be watching this area very carefully.

Gold Using ETF (GLD) long term resistance
We've had a big rally over the past month. (Our silver button went long at 35.15 on the short term ---and the medium term buy at blue line buy zone was 33.08 on May 12th).

But price has arrived at the 50% retracement of the crash of 2008. We listed a close above 41.50 on the home page as the spot to watch for higher price this week and have been watching that number on the silver button for two weeks. The high was 41.43 this week. Since that peak, a pullback all the way down to 39.25 has developed in line also with our (mid week Wednesday) call for a potential "Peek for the Week." . Price has now returned to a key support area. Click on the silver button to see our latest analysis.

No Response to "GOLD and SILVER CHARTS The 21st Century Gold and Silver Bull Market July 28 2011"

Post a Comment

Submit Your Site To The Web's top 50 search engines for free!ArticleCity.comSonic Run: Internet Search EngineSearch EnginekrAdvertising BlogsBlogarama - The Blog Directoryhttp://www.wikio.comMIM - Free BacklinksBusiness Blogs - Blog RankingsLinkon Bedava - Free BacklinkFree BacklinksBusiness Blogs - Blog RankingsYour-LinkFree Backlink Exchange For SeoFree Automatic LinkMsn bot last visit powered by  Bots VisitYahoo bot last visit powered by  Bots Visit Google bot last visit powered by Bots Visit Add to Social Bookmarking siteIndian Social bookmarking SiteTopOfBlogs eyword finde Feedage Grade A rated