Quick Update

136
Fri, Jul 22, 2011 - 10:41am

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.)

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.

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

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  136 Comments

LongGoldLongSilver
Jul 22, 2011 - 10:44am

First!

First!

Teach
Jul 22, 2011 - 10:44am

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!!

Shill
Jul 22, 2011 - 10:46am

Please

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

Bay of Pigs
Jul 22, 2011 - 10:47am

Gold fix

New all time high London PM fix @ $1602.

Rock on metal heads!

LongGoldLongSilver
Jul 22, 2011 - 10:49am

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.

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

SilverTree
Jul 22, 2011 - 10:49am
smcsmc
Jul 22, 2011 - 10:51am

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
Jul 22, 2011 - 10:53am

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."

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

Economical Disaster
Jul 22, 2011 - 10:53am
Tesla
Jul 22, 2011 - 10:57am

@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..

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Key Economic Events Week of 10/21

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Key Economic Events Week of 10/14

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Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
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10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
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9/23 9:45 ET Markit flash PMIs
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Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
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Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
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Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
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8/29 8:30 ET Q2 GDP 2nd guess
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Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
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