Sunday, February 21, 2010
Gold Charts & Videos
The recent IMF announcement of 191 tonnes gold sales in the open market, shouldn't cause alarm. IMF gold sales are just an attempt to manipulate the gold market. Gold is hitting record highs in Euro and UK pound. We'll see the samething we did back in the '70s...gold will rise because of IMF selling. Soros has doubled his bet in gold despite saying gold is the ultimate asset bubble and Paulson has started a gold fund. Gold has rallied strongly despite of the strong manipulation. China got caught off guard last year as India purchased gold. Lets face it, central banks don't announce when they plan on buying gold and don't when trhe sell either. Time and time again we have seen that the CBs buy gold during episodes of price weakness. Any Asian Central Bank that missed buying the gold as a result is certainly not going to panic and rush into the market to obtain it. >>READ & >>READ
Gold rose 2.4% for the week and moved out of the triangle formation which has been constraining it since December. It is trading over it's 50 day moving average. Stochastic is into overbought territory where it can remain for a long time. MACD has broken downtrend, also a 'Bullish Divergence' pattern is in. Technicals all point to a substantial rally, taking gold to retest the $1,200 level. Below chart has gold in Indian Rupee. Go to this link to see how gold is performing in other global currencies >>CHART
Silver rose 5% for the week and repaired some technical damage by moving back above the 200 ma. My upside target for silver is $17, which coincides with retracement levels and the 50ma. Stochastics also give silver plenty of room to run higher.