Wednesday, August 24, 2011

How Low For Gold?

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As ITZ posted Monday..SELL GOLD BUY OIL  Gold had gotten to a parabolic stage near term, trading 18% above it's 50 day moving average. Historically it has traded in a +10% / -10% band. ITZ was looking for a substantial pullback, which is healthy for gold prices. ITZ has target around $1600 level near term. That said longer term the trend remains up. Past Gold, Silver &Oil charts

The CME Group on Wednesday raised margins on gold futures by about 27 percent, the biggest hike in more than two and a half years and the second increase in a month. READ NEWS

James DiGeorgia of Gold & Energy Advisor discusses whether precious metals are still a valuable asset for your portfolio.

Carter Worth, of Oppenheimer, called the reversal in gold last week.

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