Quick Update

With the metals moving so nicely this morning, I figured I'd better give you some levels to watch.

First up, gold looks stronger than mustard gas again as it looks to be ready to tackle the highs from overnight Tuesday. Needless to say, a close through and above 1610 would be a very positive development for next week. Silver is similar. I have a last of 40.17 and, though it may run into some selling between 40.30 and 40.40, looks poised to tackle 41. Keep in mind, Fridays on the Globex have been very good to us lately. The metals have consistently added gains after the close, primarily in response to the release of the weekly CoT numbers. Why should today be any different? Though silver may only creep higher during the Comex hours, do not be surprised if it adds to its gains this afternoon and finishes the week somewhere near the highs of Tuesday. (Disclaimer: Of course, if the Republocrats and O'bottom announce some BS debt ceiling deal, all bets are off for today. As we've seen twice this week, once WOPR takes over, you can throw the fundos and TA out the window.)

paper_7-22amgold.jpgpaper_7-22amsilv.jpg

Lastly, here's an updated chart of Pigatha. Yesterday's action did some serious damage to the short-term bull position. Again, a declining dollar will almost always help support the PMs.

paper_7-22ampig.jpg

That's it for now. I hope to have more for you this afternoon. TF

136 Comments

LongGoldLongSilver's picture

First!

First!

Teach's picture

Beach Ball

Those dips are  getting shorter and shorter.  I love the "like holding a beach ball under water" analogy.  Really makes me wonder where gold could go  (and silver) if the pressure from above suddenly disappeared.  I sure would like to find out!!

SilverTree's picture

War Operation Plan Response

Shill's picture

Please

Can someone point me to a free Options ticker? Thanks in advance.

Bay of Pigs's picture

Gold fix

New all time high London PM fix @ $1602.

Rock on metal heads!

LongGoldLongSilver's picture

Coloured charts=)

Here's my view on the dollar and gold:

The USDX has broken below its supporting trend line for the past two and a half months, which indicates a reversal down to support at 73. Indicators have turned bearish.

Gold has, as expected, taken a breather around the $1600 mark, and hopefully it can hold the $1575-1580 support. If it does, we can look forward to a recapture of $1600 and some real fireworks shortly! Would it break below, the next stout support is to be found around $1550.

http://www.economicfreefall.com/2011/07/dollar-gold-and-silver.html

smcsmc's picture

Foe those of us who are not

Foe those of us who are not enlightened could you please explain the meaning of "WOPR?" It is not listed in the "Turdisms." Thank you. [Edited: Oops. I see that while I was composing this, someone answered the question above.]

LongGoldLongSilver's picture

Slave master has spoken

How about these comments from the Greek slave master:

"The package "creates a sustainable path for Greece ... a lightening of the burden on the Greek people," said Greek Prime Minister George Papandreou. Greece has debts of 350 billion euros ($500 billion) or about 160 per cent of GDP."

"The only thing we're asking for is the right to make deep changes in our country to make our country a viable one, one of growth and jobs creation. This is a European success, a European package."

http://www.economicfreefall.com/2011/07/greek-bailout-nr2.html

Tesla's picture

@smcsmc

He's making a joking reference to the computer from the 80's movie  War Games... What he's really talking about are the High Frequency Trading computers and their Algorithms..

Dr G's picture

Fun Friday

Fridays lately have become Fun Fridays. Let's hope the trend continues. Looking for good for our metals so far.

Puck T. Smith's picture

WOPR

GoldenTurds's picture

New Idea for Turd --- to bring more eys to your site

Hi Turd,

You should have your high priced technical team create a USD to Silver to Gold widget. (widget = html code we can cut and paste into craigslist postings,ebay, and other forums)

Say I am selling a used bike on craigslist for $300 usd fiat.

It would be great to add some html code that would display the 300 usd in silver oz and gold oz,  thus allowing the sale to take place in USD, Silver, or Gold.  The widget would also link everyone to your site for continued education.

Just a thought...

Have a fantastic weekend.

SilverWealth's picture

Turk

It would be unlikely to see Gold explode upwards into OE. Normally it would sell down into it. But then that means lots of shorts to cover and Turk's forecast of a quick move up would then fulfill. Important to be ready for either eventuality. Very tricky. Turk does have a close eye on pent up physical demand and can at times be uncanny in his work. I think if we hold these levels alone then a rocket blast is due for mid next week once OE Racketeering is ended. Just my opinion and its free so please read with maximum caution and a good sense of humor.

CitiTurd coming out for $100 Silver? Sounds like some disunion amongst the Illuminati. 

Boomerang Johnson's picture

Gartman

Another great contrary indicator.  When that guy says to sell, everyone knows to buy.

ewc58's picture

Your Secy of State

0710b07043cb9410f30e6a7067007178.jpg

SilverTree's picture

  Obama makes blood shoot

 

Obama makes blood shoot from my eyes.angry

http://interactive.foxnews.com/livestream/live.html?chanId=

boil_in_the_bag_rice's picture

Codology

.... and there's another waterfall bringing us down below 40.

California Lawyer's picture

Does HKMEX Influence Citi's Call?

Maybe Citi knows the monopolistic, criminal manipulation of the Comex is over now that there is an alternative? I refuse to beliieve that there is not insider info. So, today ought to be interesting.

ewc58's picture

And Hillary has the stones to say

that Syria's Mr. Assad is illegitimate??? Now THAT is rich.

To her credit she said the same about Obummer. In his case, no argument. 'Course, that was before she was instructed to knuckle under and got this peachy keen State gig in return. She gets to wear stuff like this I guess.

murphy's picture

@ Silverwealth

Re: taking you to war

I was watching NBC Nightly news last evening to get my latest misinformation. They did a very heart wrenching story about a major famine that is going on in Somalia and Kenya. It is effecting millions of people with starvation. I feel for these poor souls but why are we just hearing about it now? It has been going on for months. Of course Somalia has been going through a civil war between the north and south, fighting over the their oil.  

Don't be surprised when the good ole USA has to come to the rescue of the starving Somali's.

Like Celente says, I don't think we would care if they were raising broccoli. Also, being on the Horn of Africa there is quite good access to the Arabian Sea, Saudi oil fields and Iran.

Just sayin'

SilverWealth's picture

Cotton Granny

Granny is back down at the auction house buying BAL at discount again today. Its off its recent highs by 50%.

What is perhaps more undervalued than gold stocks at this juncture? Nobody likes a discount I know. But just remember. Sugar was at big,big discount one month ago.

Who knows?

That 'Secretary of State' is pretty unflattering. What a joke these cons and sociopaths are. They travel everywhere first class and red carpet. The synchophants in the press follow them like flies on shite and most of them are clueless scammers. This woman failed her law tests several times before final passage. Ever heard her speak? She sounds like she is plugged right into a Borg Hive Monitor. It costs millions, literally millions a year just to service this idiots travels and entourage.

Gold Dog's picture

No wonder the world hates us!

No wonder the world hates us! Look at that pig.

Just sayin.

Terabyte's picture

@ Murphy

" I feel for these poor souls but why are we just hearing about it now? It has been going on for months."

Been too busy with important things....... like Casey Anthony.  

Shill's picture

Senate rejects House budget-cutting plan

http://www.marketwatch.com/story/senate-rejects-house-budget-cutting-plan-2011-07-22-1048340

Strickily symbolic The political's use bullshit and If you repeat bullshit enough it becomes becomes a reality to the true believers.

I yawn at the entire process.

ewc58's picture

"All the earmarks...

of al-CIAda" Massive car bomb, sophisticated radio detonator. Mossad SOP.

Oslo Explosion: One of Two Blasts Result of Massive Vehicle Bomb, Sources Say

http://abcnews.go.com/Blotter/oslo-explosion-blast-result-massive-vehicle-bomb-sources/story?id=14134197

Dr G's picture

"" I feel for these poor

"" I feel for these poor souls but why are we just hearing about it now? It has been going on for months."

Been too busy with important things....... like Casey Anthony.  "

And didn't you see the CNN story that an iPhone was dropped by a guy skydiving? An iPhone! That's news!

HiHo_Silver's picture

Why China's New Futures Market is Bullish for Long-Term Silver P

Has anyone seen this !  Wow, the queen bee Blythe just got kicked in the @$$

Sorry if this has already been posted... I don't read all the hundreds of blogs.

http://moneymorning.com/2011/07/22/why-chinas-new-futures-market-is-bullish-for-long-term-silver-prices/

Shill's picture

That's it

Bombs in Oslo, OMG! WERE ALL GOING TO DIE!!! QUICK! we need to protect our American citizens. ( After all we care )

All guns are now outlawed. /snark/

Know More's picture

BM really p.o'd?

BM must be really upset; she's skipping lunch to do the EE raid today (and both Ag, Au at same time - the "free market").

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