WHY GOLD AND SILVER FALLING AGAIN $GLD $SLV $SLW

Twitter
LinkedIn
Facebook

This post was just published on ZYX Buy Change Alert

Yesterday evening after the fiscal cliff talks broke down, the momo crowd successfully ran up  gold to over $1671 but could not overcome the micro resistance at $1672.  Gold fell back under $1669 and the momo crowd tried to run it up again.  When the run up failed the second time around $1671, the Smart Money slammed it from the short side.  Gold traded as low as $1653 and is now trying to recover.

Silver simply followed gold.

Our short-term rating on silver is negative and on gold it is mildly negative.  However it is worth pointing out that both gold and silver are very over-sold and there is support at $1650.  If there is a bearish overshoot, the next big support is $1620 – $1630.  Support level after that is $1592 – $1607.

Expect the stock market to move based on the brinkmanship game that is going on in Washington.

Gold futures are at $1653, silver futures are at $30.34, and oil futures are $89.72.

S&P 500 resistance levels are 1444, 1450, and 1465; support levels are 1424, 1415, and 1410.

DJIA futures are down 12 points.

See also  EXTREME POSITIONING IN NVIDIA TAKES A HIT, FED MINUTES AHEAD

Subscribe to 'Generate Wealth'

Free Forever

More To Explore

30 Day Free Trial

Cancel within 30 days and you owe nothing

When you take a FREE 30 day trial, you get access to powerful techniques used by billionaires and hedge funds to grow richer. You can continue to use these powerful techniques to grow richer even if you cancel your subscription. You come out ahead by subscribing no matter how you look at it.

A fortune is to be made from AI stocks.
Get the list of 18 AI stocks to grab your share of the profits — no cost to you.

A fortune is to be made from AI stocks.

Get the list of 18 AI stocks to grab your share of the profits.

AI is a $1 Trillion Market

Making A Fortune
In Artificial Intelligence

Golden Age of Artificial Intelligence