Gold & Silver: Market & Technical Commentary (updated each day!!!)

[marketmakerZ]

Maybe someone's interested...this one's updated every day ;)

make you own decision & much luck


05.03.2008

Market Commentary
Gold opened at 963.60/964.10 in New York. There was good buying
early on as commodities generally recovered from yesterday’s sell off. USD
weakness and larger than expected draw downs on oil inventories
brought in further speculative buying, which took out stops between
980.00 and 985.00. From here gold traded up to 991.00 in the late
morning and after some range trading in the afternoon dealer buying
took the metal up to a high of 993.00/993.50. Gold closed today at
986.00/986.50.
Silver opened at 19.63/19.66 in New York. Today was a wild day in
silver as shorts were caught off guard with a strong recovery in base metals
and commodities in general. A steady move higher all morning with
stops being triggered just above 20.00, 20.30 and 20.45. Panic buying
around the 20.60 level quickly took the metal up to the day’s high of
20.82/20.85. Range trading in the afternoon with light selling at the end
on the day led silver to close at 20.68/20.71.
Technical Commentary
Gold - Today’s candlestick could be considered an engulfing pattern,
however without a downtrend to reverse, it has little significance. Still the
shear force with which the bulls took back the market is astonishing and
highlights that for all the technicians waiting for a pullback there is still
plenty of room for gold to move higher first. One thousand dollar gold is
just a blink away and we have little doubt we will be there in the shortterm.
Whether priced in USD or EUR, the technical outlook for gold is for
further upside. Support comes in at today’s open of 963.60/964.10, while
resistance lies at the new all time high of 993.00/50, reached today.
Silver managed to stage an impressive rally today, which erases many of
the fears brought to the surface by yesterday’s drop. The bulls have clearly
regained control of the market and appeared to push the metal higher
from here. The RSI has dropped back to 80, which relieves some of the
overbought pressure the metal had faced. Weak support lies at 20.06 and
resistance from here is essentially round numbers, such as 21.00.

[marketmakerZ]

Market Commentary
Gold
opened at 982.80/983.30 in New York and rallied early on as funds
stepped in and pushed the metal to a high of 988.00/988.50. This level
was not sustained as dealers sold on the back of falling oil prices, dragging
gold down to support around 971.00. However oil later rallied and
the metal followed hitting resistance at 985.00. Dealers then took profit
causing gold to tumble and the selling continued into the early afternoon
pushing it to a low of 965.20/965.70. From here it recovered from the
lows as good bids entered the market, finally closing at 975.30/975.80.
Silver
opened at 2052.00/2055.00. The metal climbed during the early
morning due to the slumping USD, reaching a high of 2084.00/2087.00.
Funds later took profits causing silver to fall throughout much of the session.
The selling continued on the back of tumbling oil prices, which
pushed silver to a low of 1985.00/1988.00. It later recaptured lost
ground near the end of the session and settled at 2013.00/2016.00.
Technical Commentary
Gold
- There are lots of patterns that are shinning through on the charts.
Page two highlights a tweezer top, combined with a dark cloud cover -
both candlestick reversal patterns that signal downside lies ahead. However,
it would be unfair to describe the technical pattern as anything but
clouded. Price action as we approach 1,000 has become volatile and
erratic. All in all, the medium term technical outlook continues to call for
further upside, but the near-term picture is clouded. A weak day tomorrow
that breaks through resistance at 957.06 would see us grow increasingly
concerned. Resistance comes in at yesterday’s high of 993.00, followed
by the psychological 1,000.
Silver
- Today’s silver pattern is concerning as it highlights a market
where the bulls have lost control and the bears have aggressively taken
over. However, much like gold, the volatility in price action has led to
some erratic signals in recent days. Still today’s, pattern is cautionary and
if tomorrow’s trading breaks easily below support at today’s low

(965.20), then we would grow increasingly bearish.

good luck

mmZ

[marketmakerZ]

Market Commentary
Gold
opened at 986.20/986.70 in New York. Despite a very weak and
negative nonfarm payroll the USD strengthened most likely on the back
of short covering which help to push gold lower. The metal found support
near 971.00 and funds bought as good bids flooded the market.
Resistance was established around 977.00 and another round of selling
drove the metal to a low of 969.80/970.30. It traded sideways during
the tail end of the session to finally close at 972.50/973.00.
Silver
opened at 2058.00/2061.00 and similar to gold it tumbled after
the release of nonfarm payrolls, reaching a low of 1985.00/1988.00.
Good buying near the lows pushed the metal higher hitting resistance
around 2024.00. However this level was not sustained as funds continued
to buy, driving the metal higher until it reached a plateau around
2050.00. Oil prices retreated during the early afternoon and silver followed,
slipping lower to finally settle at 2016.00/2019.00.
Technical Commentary
Gold
- The near-term technical outlook continues to be fairly cloudy for
gold as the medium term studies all point to further upside. Today’s
price pattern does little to clear up the near-term outlook as even
though today’s close was below both yesterday’s close and today’s open
(bearish), it did not break below support provided by Wednesday’s open
of 964.10, which will provide some hope for the bulls. Generally, shortterm
technicals are biased for further upside, but without a clear signal
the risks are obviously elevated. Support comes in at 964.10; while resistance
lies at the all time high of 992.05.
Silver
could not manage to break out of yesterday’s range . The chart
pattern is suspiciously bearish; however without a break below support
of 19.77 (Wednesday’s open) there has been no confirmation and accordingly
it is too early to turn outright bearish. In addition the medium
term outlook continues to be bullish. Support lies at 19.77, while resistance

comes in at Thursday’s open of 20.81.

[marketmakerZ]

Market Commentary
Gold
opened at 965.70/966.20 in New York and the metal slipped early
on hitting a low of 961.00/961.50, as funds sold responding to a stronger
USD. Gold rallied near the London fix on the back of surging oil prices,
finding resistance around 972.00. As oil made another run higher gold
followed pushing up to a high of 975.30/975.80. It drifted from the
highs as the USD took back some lost ground during the tail end of the
session, closing at 969.80/970.30.
Silver
opened at 1932.00/1935.00. The metal fell in the early part of the
NY session, reaching a low of 1921.00/1924.00. It later recovered from
the lows and climbed on the back of rallying oil prices. Resistance was
established near 1968.00 and it moved sideways on light trading. However
as the session progressed silver pushed through initial resistance as
funds bought reacting to surging oil prices. This brought silver to a high of
1988.00/1991.00 before it slipped from here to settle at
1971.00/1974.00.
Technical Commentary
Gold -
Today’s trading did not provide any clarification as to the nearterm
direction of gold, however the pattern has yet to turn outright bearish
and continues to trade within last Wednesday’s range (959.99 to
991.46). A break below 959.99 would see us turn increasingly negative
on the near-term outlook. However, the medium term uptrend remains
very much intact. Trading moving averages have yet to create a sell signal,
as the 4-day (978.57) and 9-day (973.85) continue to trade above
the 18-day (951.75); the upward trend remains intact; and the metal is a
long way from reaching overbought levels. Accordingly we would prefer
to play gold from the long side with tight stops. Support lies at Wednesday’s
low of 959.99 and resistance comes in at the all time high of
992.05.
Silver -
The near-term technical picture for silver is less optimistic than
for gold as silver broke out of last Wednesday’s range today and has
formed a relatively clear topping pattern. However, most studies have yet
to provide outright sell signals. Nevertheless, we are cautious that silver
has further near-term downside ahead before it reverts back to the

broader uptrend.

[DarkElite]

Not bad. Keep it going. Don't let it die. ;)

[marketmakerZ]

Not bad. Keep it going. Don't let it die. ;)

Hi DarkElite,

thanks for encouraging me...I make my decision on the rest of the weekend and let you all know :eek:

so long

mmZ