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Spot Gold Chart 1969-12-31 17:59:59 Gold ? more bullish then expected.Gold continue to show strength in the face of profit taking and possible central banks sellings. Geopolitical tensions in the oil rich Middle East catalyzing the action. The price of oil WTI made another new all time high today ? not surprising and quiet predicable. I'm still holding my initial price target of 81$ per barrel, and will probably revise it soon ? see oil charts (WTI). If you trade gold don?t be afraid to take partial profits along the way as this Great Global Gold Bull Market has a long way to run. Going forward expect sharp and unexpected corrections along the way as well as monster technical rallies with no apparent reason ? Volatility and allot of it!Mining shares are not gold and don?t be surprised to see gold outperforming the gold indices ? it is absolutely possible and also probable at some point ? in my opinion.See this page for news on what looks to me like global trend of mines / mining - nationalization.See this short article ...

Gold XAU 666 Commentary 1969-12-31 17:59:59 Gold, Silver and other precious metals like palladium and platinum continue to show excellent performance. Gold cleared the 666$ mark with success that few predicted.Most gold market commentaries continue to try and explain the roaring price of gold with non direct gold market factors like the Iran conflict and the USDX weakness.It is reasonable to assume that the Iran issue does have some gold market psychology effect and the outcome is higher short term demand for gold. However this factor is psychological by large and difficult to quantify.The USDX is completely different factor with longer term structural implications. The correlation between a weakening or potential weakening USDX and rising gold price is losing significance at this stage of the great global gold bull market (GGGBM). The price of gold have recently gained nicely when measured with each and almost every national currency (Gold vs. X)In the same time direct gold market factor - the relatively large gold short positi ...

Gold Chart & Gold Market Commentary 1969-12-31 17:59:59 It was a good day for all financial assets including Stocks, Bonds and Commodities, Gold and Silver are up while the USD index is down. HUI the AMEX Gold Bug Index is up 7.79%. Investors and traders lost their fears and bought everything they could, cash piles are back at work as it seems.I just noticed that the Bank of International settlements (BIS) have published a new paper on over the counter derivatives including gold and other commodities. I will study the report and publish my thoughts and conclusions. You can see my thoughts on the previous BIS OTC report here :http://globalgold.blogspot.com/2005/12/great-gold-paradox-part-ii.htmlHere is a link for June 2006 BIS OTC reporthttp://www.bis.org/statistics/derstats.htmIn my opinion gold is headed higher to new highs but it will have to struggle with resistance and profit taking along the way. Traders should concentrate on carefully buying bottoms and taking partial profits along the way. Gold is again above the 76.4% Fibonacci lin ... Amp

Gold Global Perspective > Licking the wounds? 1969-12-31 17:59:59 It's difficult to be bullish on gold in the face of a 180$ one month decline. I feel your pain (or gain) and my only offer is to count your ounces - If you got any left?The year is not even half done and the price of gold rallied 200$ then gave it almost all back. ? Interesting to say the least.Mr. Gary Dorsch published an Interesting article: Central Bankers declare War on Gold and the ?Commodity Super Cycle? - you can read it @ gold seek.Feel free to browse the archiveClick on the chart below to enlarge Dear readers I must remove some internal links from old posts for SEO purpose(google request) so you might get old post at your feed, please excuse me. ...

EURO / USD Elliott Wave Count Analysis 1969-12-31 17:59:59 R.S from Germany asked for my view on the EURO / USD exchange rate.Please note that theoretically the EURO was as high as 1.45 USD at 1992, since then it didn't manage to make a new high.Monthly chart shows a triangle pattern with a price objection of 1.45 by early 2009. I see a significant top labeled (v ? 1) and then A correction wave to the 38.2% Fibonacci line. B top might be in place and if that?s the case - C low (lower then A) should be expected.Weekly chart ? more detailed wave count, currently just around the 50% Fib, the wave count further indicating a completion of a B top.According to my Elliott wave analysis the outlook is short term bearish and long term natural to slightly bullish. A rate exchange of 1:1 (par) will not surprise me.Related:Gold Vs. X. Dear readers I must remove some internal links from old posts for SEO purpose(google request) so you might get old post at your feed, please excuse me. ...

Intraday Wave v underway but ... 1969-12-31 17:59:59 Dear readers,The gold market showed is strength in the face of rising USD Index. This fact which probably surprised some traders - will be very useful at a later stage of this gold global bull market.Technically, as the price of gold broke above the short term downtrend line the bottom was confirmed. Gold then spent some time back testing the downward slope line and then headed higher. Once gold managed to exceed the highs of the day (yesterday) a flood of market if touched (MIT) buy orders where all over the place and the price was quickly marked up.GCM7 Gold June Comex Intraday (120 min) chart There is literally tons of resistance from here all the way to 700$. This is the intraday wave v and once completed a correction will be needed.GCM7 June COMEX Gold daily chartTo understand my technical work you must have knowledge of Elliott wave theory. You might want to check this online tutorial. For access you only need to be an Elliott wave international club member. If you can afford th ...

Gold & the US Dollar 1969-12-31 17:59:59 The last time the US Dollar index was around current levels gold was trading almost 250$ lower. In early 2005 a bottom in the USDX was realized and the Dollar climbed 11 points. At the same time gold was initially trading within a tight trading range till breaking out and rallying along the USD.I have been watching some gold & USDX charts lately, my insights are:The inverted correlation between gold and the USD is not reliable.The scenario in which gold and the dollar are both trending higher might repeat again.Short term bottom seems to be in place (or near) for the USDX. If the Dollar will start to rally soon it might have an immediate negative affect on gold but that will be limited both in terms of price and time. Dear readers I must remove some internal links from old posts for SEO purpose(google request) so you might get old post at your feed, please excuse me. ... Amp

Gold Charts 1969-12-31 17:59:59 Technically there is not much change? The uptrend on the daily chart is intact.COMEX June gold (GCM7) daily chart- the price is still between the 50 %( 672.50$) and the 61.8 %( 695.8$) Fibonacci levels.CBOT June gold (ZGM7) intraday (120 minutes) chart ? the price recently bottomed at 670.1$ and again at 684.1$ today. Bottom to top and top to bottom short term Fibonacci levels are added. ...

Gold Market Commentary 1969-12-31 17:59:59 As yesterday low failed to hold a selling sprees begin. Buyers quickly lowered their bids and the price of gold tumbled. Personally, I had a small short term speculative position which was immediately stopped out for a minor loss. When a FOMC is scheduled I never hold a large position. So it goes...Technically the daily uptrend is still intact. HUI, XAU, and GOX actually finished the day higher but GDX closed lower. Silver pulled back less then it normally does on events like this.CBOT June gold (ZGM7) intraday (120 minutes) chartGold in nominal USD terms is trading near record levels. If you refer to long term gold charts you will easily notice that gold have been trading at current levels for very short periods of time. I mention this because I think that physical buyers see current levels as unsustainable and thus shy of buying large amounts of gold. Some more time might be needed to digest the current price level. Hence, egg pattern, prolonged incubation process then an inevitable ...

Drop & drop and drop... 1969-12-31 17:59:59 Short term intraday turn up in the momentum indicators failed to materialize into rising gold prices. Gold then dropped like a rock below this month low.A lower low after a lower high is technically bearish. Spot Gold is currently trading around the dreaded 666$ level. The uptrend on the daily chart is still intact but might not hold. Elliott wave cyclical point of view: I think we just witnessed a truncated v wave. I'm not ready to get long term bearish here but more downside is certainly possible.Spot Gold daily chart ... Amp

Intraday Gold Chart 1969-12-31 17:59:59 Dear readers,Most assets rising in price today and the EUR/USD higher, the price of gold is up. Positive liquidity which is oxygen for all asset markets appear yet again. Technically: The price of gold managed to break above the sharp short term downtrend line. However, I opine that the last three candles on the daily chart are technically very bearish and that will have more implications going forward. The gold bears have spoken and showed forceful resistance.ZGM7 ? CBOT June Gold Intraday (120 minutes) chart below, annotated with Fibonacci lines and Elliott wave count ...

Gold Channel Chart 1969-12-31 17:59:59 The action today give the USD index a green light to go higher, don?t be surprised to see the Dollar index climbing higher for days, weeks and maybe several month. As far as gold is concerned it is certainly possible that strengthening USD index will have less downside affect on the price of gold, but that remains to be seen. For Fibonacci levels refer to the previous XAUUSD daily chart.As always be cautious. ZGM7 ? CBOT June Gold Intraday (120 minutes) channel chart ...

Elliott Wave Principle 1969-12-31 17:59:59 Dear readers,Gold and silver caught some bids today and closed higher along a rising US dollar. Those of you who have been following my posts were certainly not surprised.Some readers have emailed me with questions like: how do I make my gold price predictions (which are often very accurate) and what technical indicators I use for trading? Well, I look at many different things: price & volume action, chart patterns, candle sticks, Fibonacci levels, moving averages, PPO, RSI, Stochastic, Inter market relationships, market sentiment and more. But above all cyclical analysis, namely Elliott wave analysis.Elliott wave analysis is far from being a perfect tool (what is perfect?) However, as regards to making predictions Elliott waves counting when combined with other market indicators is the most valuable tool in my opinion. Once you understand how the wave principal works, you will learn to respect the market opinion, you will stop looking for reasons to explain why the market is doing th ...