Sunday, February 28, 2010
GOLD MOVES BACK DOWN WITHIN THE THIN BLUE DOWNTREND CHANNEL/TRADING RANGE
EURO IS PULLS BACK DURING ITS MOVE HIGHER, STOCKS TURN DOWN AFTER TRADING SIDEWAYS, OIL SLIPS OFF ITS HIGHS
GOLD PULLS BACK WITH THE FALLING EURO, OIL JUMPED ABOVE $80 ON ITS OPEN
GOLD NOW MOVING BACK UP ON LIGHT VOLUME BUT EURO IS ON ITS LOWSGOLD PULLS BACK, COULD MOVE A LITTLE LOWER THEN MOVE BACK UP TO THE HIGH OR A LITTLE HIGHER
THE BULLION BANKS HAVE BEEN 'CAPPING' GOLD AROUND 1130 SO DON'T EXPECT A BIG RISE ABOVE THAT RIGHT NOW. SEE DAN NORCINI'S REMARKS POSTED BELOW
GOLD MOVES UP TO THE WHITE TOP UPTREND CHANNEL LINE AND ALMOST TO THE 75% RETRACE POINT FOR THIS ENTIRE MOVE DOWN FROM 1131.5
GOLD MAY PULL BACK TO THE TOP PURPLE DOWNTREND CHANNEL LINE FOR SUPPORT AND THEN MOVE BACK UP TO NEW HIGHSSUNDAY EVENING 3PM PST GOLD OPENS UP BUT MAY MOVE BACK DOWN
GOLD USUALLY PULLS BACK AFTER AN UP OPENING SUCH AS THIS ONE, HOWEVER, IT CAN DO A STEADY CLIMB HIGHER FOR SOME TIME TOO. I HAVEN'T LOOKED AT THE CURRENCIES YET AND THE EURO WILL INFLUENCE GOLD AS WELL AS THE DOLLAR. GOOD DATA ISN'T AVAILABLE FOR ANOTHER FEW MINUTES.USE THIS LINK TO GO TO FUTURESOURCE'S FREE PREMIUM CHARTS
http://futuresource.quote.com/charts/premium.jsp
CLICK ON THE 'premium charts' link on the page.
THAT WILL OPEN THE MAIN PAGE WHICH YOU WILL
USE TO FILL IN THE VARIOUS 'VARIABLE' YOU WANT,
SUCH AS CONTRACT TYPE, TIME INTERVALS, ETC.
EXPLORE THE PAGE AND LEARN HOW TO USE IT.
IF YOU EVER LOSE THE 'RED' OHLC DATA AT THE BOTTOM
THAT CHANGES AS YOU MOVE YOUR CURSOR OVER THE CHART DATA,
YOU HAVE LOST THE 'COOKIE' THAT PROVIDES THAT DATA.
SIMPLY RELOAD THE ORIGINAL PAGE THROUGH THE LINK PROVIDED
AT THE TOP OF THIS POST OR SIMPLY GOOGLE THE TERM:
FUTURESOURCE PREMIUM CHARTS
TO FIND IT AGAIN.
CLICK ON THE 'premium charts' link on the page.
THAT WILL OPEN THE MAIN PAGE WHICH YOU WILL
USE TO FILL IN THE VARIOUS 'VARIABLE' YOU WANT,
SUCH AS CONTRACT TYPE, TIME INTERVALS, ETC.
EXPLORE THE PAGE AND LEARN HOW TO USE IT.
IF YOU EVER LOSE THE 'RED' OHLC DATA AT THE BOTTOM
THAT CHANGES AS YOU MOVE YOUR CURSOR OVER THE CHART DATA,
YOU HAVE LOST THE 'COOKIE' THAT PROVIDES THAT DATA.
SIMPLY RELOAD THE ORIGINAL PAGE THROUGH THE LINK PROVIDED
AT THE TOP OF THIS POST OR SIMPLY GOOGLE THE TERM:
FUTURESOURCE PREMIUM CHARTS
TO FIND IT AGAIN.
LINK TO MORNING REPORTS PAGE AT MARKETWATCH
USE THIS LINK ALL WEEK FOR THIS WEEK'S REPORTS
THAT COME OUT ON THE HALF HOUR RIGHT AFTER COMEX GOLD OPENS
AT 20 MINUTES PAST THE HOUR OR 5:30AM PACIFIC TIME
http://www.marketwatch.com/economy-politics/calendars/economic
IT TAKES ME TOO MUCH TIME EACH MORNING TO POST THIS AND ALL
THE OTHER CHARTS TO START THE DAY OFF
THAT COME OUT ON THE HALF HOUR RIGHT AFTER COMEX GOLD OPENS
AT 20 MINUTES PAST THE HOUR OR 5:30AM PACIFIC TIME
http://www.marketwatch.com/economy-politics/calendars/economic
IT TAKES ME TOO MUCH TIME EACH MORNING TO POST THIS AND ALL
THE OTHER CHARTS TO START THE DAY OFF
READ DAN NORCINI'S COMMENTS ON JSMINESET.COM...NOW...WHILE THEY ARE UP
IT'S NOT THAT OFTEN THAT DAN IS ABLE TO TAKE THE TIME TO POST HIS
EXCELLENT COMMENTS AT LENGTH.
HE IS DOING IT NOW AS JIM SINCLAIR IS OFF IN TORONTO ON BUSINESS.
TAKE ADVANTAGE OF IT!
HE IS CLEAR AND CONCISE AND KNOWS WHAT HE IS TALKING ABOUT.
ONE OF THE FEW PEOPLE WORTH READING AMONG ALL THE FAR TOO
MANY 'BABBLERS' OUT THERE THAT ARE SIMPLY A WASTE OF YOUR TIME.
THERE IS TOO MUCH FOR ME TO RE-POST HERE, SO JUST GET USED
TO READING JSMINESET.COM....EVERY DAY!
EXCELLENT COMMENTS AT LENGTH.
HE IS DOING IT NOW AS JIM SINCLAIR IS OFF IN TORONTO ON BUSINESS.
TAKE ADVANTAGE OF IT!
HE IS CLEAR AND CONCISE AND KNOWS WHAT HE IS TALKING ABOUT.
ONE OF THE FEW PEOPLE WORTH READING AMONG ALL THE FAR TOO
MANY 'BABBLERS' OUT THERE THAT ARE SIMPLY A WASTE OF YOUR TIME.
THERE IS TOO MUCH FOR ME TO RE-POST HERE, SO JUST GET USED
TO READING JSMINESET.COM....EVERY DAY!
Friday, February 26, 2010
FOLLOWERS OF THIS BLOG ARE GROWING IN VOLUME
THE DAILY PAGE LOADS ARE GROWING QUITE WELL, WHICH ONLY MEANS THAT THOSE OF YOU WHO ARE VISITING THIS BLOG ARE REFRESHING THE PAGE MANY TIMES TO GET THE MOST RECENT CHARTS/COMMENTS, WHICH IS HOW IT'S SUPPOSE TO WORK.
I WOULD STILL ENJOY KNOWING HOW MANY INDIVIDUAL USERS ARE USING THE BLOG AND WHERE YOU ARE ALL LOCATED.
THERE IS THE POSSIBILITY THAT A BETTER FORMAT WOULD BE A WEBSITE, BUT THAT IS NOT AN IMMEDIATE CONCERN, AS TIME IS A CRITICAL FACTOR FOR ME (I don't have any extra!)
SO, IF YOU WHO VISIT THIS SITE FOR ANY DURATION WOULD EACH BE KIND ENOUGH TO LEAVE A SHORT POST LETTING ME KNOW YOUR USER NAME (can be anything to differentiate you from others...'anonymous' doesn't help me), YOUR GENERAL LOCALITY, AND ANY COMMENTS YOU MAY HAVE ABOUT YOUR USE OF THE CHARTS AND COMMENTS, AND/OR QUALITY OF THE VERY SHORT TERM (minute to minute) ANALYSIS I PROVIDE FOR DAY TRADERS.
YOU CAN ALSO CLICK ON 'FOLLOWERS' ON THE RIGHT OF THE PAGE AND JOIN THAT WAY. IT DOESN'T TAKE MUCH TIME AND DOESN'T REQUIRE YOU TO LEAVE ANY INFORMATION OTHER THAN YOUR USER NAME.
I CERTAINLY DON'T NEED, OR WANT, ANY PERSONAL INFORMATION ABOUT YOU OTHER THAN WHAT YOU WISH TO SHARE.
THIS IS JUST AN INFORMAL WAY FOR PEOPLE TO RECEIVE, AND SHARE, IMPORTANT INFORMATION THAT WILL HELP US ALL SURVIVE WHAT'S COMING.
PRO OR CON, IT'S ALL HELPFUL TO ME TO KNOW IF MY OFFERING IS PRODUCING RESULTS FOR YOU.
IT'S THE BEST I HAVE FIGURED OUT IN HOW TO DEAL WITH THIS CRAZY MARKET IN THESE VERY CRAZY TIMES WE ALL HAVE TO COPE WITH TO SURVIVE WHAT OUR INSANE 'LEADERS' HAVE DONE TO US ALL.
I WOULD STILL ENJOY KNOWING HOW MANY INDIVIDUAL USERS ARE USING THE BLOG AND WHERE YOU ARE ALL LOCATED.
THERE IS THE POSSIBILITY THAT A BETTER FORMAT WOULD BE A WEBSITE, BUT THAT IS NOT AN IMMEDIATE CONCERN, AS TIME IS A CRITICAL FACTOR FOR ME (I don't have any extra!)
SO, IF YOU WHO VISIT THIS SITE FOR ANY DURATION WOULD EACH BE KIND ENOUGH TO LEAVE A SHORT POST LETTING ME KNOW YOUR USER NAME (can be anything to differentiate you from others...'anonymous' doesn't help me), YOUR GENERAL LOCALITY, AND ANY COMMENTS YOU MAY HAVE ABOUT YOUR USE OF THE CHARTS AND COMMENTS, AND/OR QUALITY OF THE VERY SHORT TERM (minute to minute) ANALYSIS I PROVIDE FOR DAY TRADERS.
YOU CAN ALSO CLICK ON 'FOLLOWERS' ON THE RIGHT OF THE PAGE AND JOIN THAT WAY. IT DOESN'T TAKE MUCH TIME AND DOESN'T REQUIRE YOU TO LEAVE ANY INFORMATION OTHER THAN YOUR USER NAME.
I CERTAINLY DON'T NEED, OR WANT, ANY PERSONAL INFORMATION ABOUT YOU OTHER THAN WHAT YOU WISH TO SHARE.
THIS IS JUST AN INFORMAL WAY FOR PEOPLE TO RECEIVE, AND SHARE, IMPORTANT INFORMATION THAT WILL HELP US ALL SURVIVE WHAT'S COMING.
PRO OR CON, IT'S ALL HELPFUL TO ME TO KNOW IF MY OFFERING IS PRODUCING RESULTS FOR YOU.
IT'S THE BEST I HAVE FIGURED OUT IN HOW TO DEAL WITH THIS CRAZY MARKET IN THESE VERY CRAZY TIMES WE ALL HAVE TO COPE WITH TO SURVIVE WHAT OUR INSANE 'LEADERS' HAVE DONE TO US ALL.
DAN NORCINI'S FRIDAY COMMENTS
Hourly Action In Gold From Trader Dan
Posted: Feb 26 2010 By: Dan Norcini Post Edited: February 26, 2010 at 1:43 pm
Filed under: Trader Dan Norcini
Dear CIGAs,
Today was “Let’s buy commodities day” as fund money came back into the sector sending a large majority of the individual commodity futures higher. Copper was well bid all day as was crude oil with even natural gas getting a decent bid. The grains were all stronger as well. The culprit behind the influx of fund money – yep, you guessed it – the Dollar was sharply lower today.
Gold of course pushed higher on the session as it moved away from the lower end of the recent trading range and is currently sitting in the middle of its upper and lower range boundaries. It did manage to climb back above the major moving averages with the 10 day now making a bullish upside crossover of both the 40 and 50 day moving averages. That is friendly although it still needs to take out overhead resistance centered near $1,130 (the upper side of the trading range) before the bulls can regain control over the gold market. It will probably take a Dollar break of 79.60 (last week’s low) on the USDX before it can muster sufficient strength to do so but with the currency markets continuing to look shaky and especially with gold priced in terms of the European currencies continuing to perform so well, it could very well do this independently of the Dollar.
Incidentally, gold priced in terms of the British Pound scored a brand new all time high at today’s London PM Fix, coming in at £731.18, as it eclipsed the previous high set back on December 3, 2009. It is evident that the British Pound is disintegrating at a faster clip than the US Dollar as Great Britain’s economic and fiscal woes continue unabated. Both the weekly and the monthly charts of the British Pound look atrocious. There does not appear to be a whole lot of chart support until you get closer to the 1.45 level. If Sterling were to take out the 1.35 level, “Katie bar the door” because the currency could implode. If that were to occur, Sterling Gold would be trading above the £800 mark.
Euro Gold continues to cling tenaciously above the €800 mark.
It would appear that yesterday’s story in the English version of Pravda’s web site about China announcing they intended to buy the remainder of the IMF gold is being denied by the author.
Click here to view the article…
http://in.reuters.com/article/domesticNews/idINSGE61P05C20100226
As I said yesterday it would be strangely out of character for the secretive Chinese to announced before hand their specific intentions as such a thing would undoubtedly cause the price of gold to run up higher, something which they or any other buyer for that matter, would desire.
We do not need a newspaper story telling us however what we already know and that is Asian Central Banks are looking for ways to diversify their reserve holdings and gold is going to be in that mix. They will buy gold when the speculative funds are knocking the price lower and for all that we know, they may have been the buyers of size earlier this month when gold dropped to $1,040 – $1,050. These banks will be buyers whenever prices fall and will provide a long term floor of support beneath the gold market.
On the same front there is another story circulating around out there today that it is India which is looking to buy this same IMF gold. Guess what – they probably are; just like China is except neither Central Bank is going to come out and tell us ahead of time when or how much. They will just do it and then the news will filter out into the market and every one will go ga-ga and run the price sharply higher, where it will then lose some upside momentum after a while, come back down and these same Central Banks will look to buy some more and the process will repeat itself once more.
The HUI, while higher today, is having trouble getting above this Tuesday’s high near 406. You might recall that was the day we saw a sharp sell off in the mining sector. If it can close above this level, it will give the bulls a definite advantage going into next week. The next level of upside resistance, and that which must be bettered to give this sector a shot at a trending move, is the 420 level, which also happens to correspond to the 50 day moving average. Initial support is at yesterday’s low. As I write this commentary, the ratio spreads from the hedge funds are appearing once again and knocking out the props from beneath the mining shares.
Crude oil is attempting to get above $80. It has not broken down but if it cannot get over this hurdle within the next couple of trading sessions, some of the bulls will get impatient and it will drop back down into the trading range between $80 – $81 and $70. For now it appears that bull and bear forces are in a relative state of balance with the bulls having the very near term advantage.
Dollar bulls continue to prop this market up and thwarted bears from breaching critical downside support levels. Bears were gunning for the 80.14 level and managed to push price down to 80.19 before the bulls came back and shoved price back up. Even though the bearish divergences and loss of upside momentum continues to make itself evident in the USDX chart, the funds are managing to stave off the sellers as they work to defend their large long positions.
Bonds continue their charge higher and once again bond bears get obliterated thanks to the ongoing machinations that occur in that market.
DAN'S CHART:
http://jsmineset.com/wp-content/uploads/2010/02/February2610Gold.pdf
Posted: Feb 26 2010 By: Dan Norcini Post Edited: February 26, 2010 at 1:43 pm
Filed under: Trader Dan Norcini
Dear CIGAs,
Today was “Let’s buy commodities day” as fund money came back into the sector sending a large majority of the individual commodity futures higher. Copper was well bid all day as was crude oil with even natural gas getting a decent bid. The grains were all stronger as well. The culprit behind the influx of fund money – yep, you guessed it – the Dollar was sharply lower today.
Gold of course pushed higher on the session as it moved away from the lower end of the recent trading range and is currently sitting in the middle of its upper and lower range boundaries. It did manage to climb back above the major moving averages with the 10 day now making a bullish upside crossover of both the 40 and 50 day moving averages. That is friendly although it still needs to take out overhead resistance centered near $1,130 (the upper side of the trading range) before the bulls can regain control over the gold market. It will probably take a Dollar break of 79.60 (last week’s low) on the USDX before it can muster sufficient strength to do so but with the currency markets continuing to look shaky and especially with gold priced in terms of the European currencies continuing to perform so well, it could very well do this independently of the Dollar.
Incidentally, gold priced in terms of the British Pound scored a brand new all time high at today’s London PM Fix, coming in at £731.18, as it eclipsed the previous high set back on December 3, 2009. It is evident that the British Pound is disintegrating at a faster clip than the US Dollar as Great Britain’s economic and fiscal woes continue unabated. Both the weekly and the monthly charts of the British Pound look atrocious. There does not appear to be a whole lot of chart support until you get closer to the 1.45 level. If Sterling were to take out the 1.35 level, “Katie bar the door” because the currency could implode. If that were to occur, Sterling Gold would be trading above the £800 mark.
Euro Gold continues to cling tenaciously above the €800 mark.
It would appear that yesterday’s story in the English version of Pravda’s web site about China announcing they intended to buy the remainder of the IMF gold is being denied by the author.
Click here to view the article…
http://in.reuters.com/article/domesticNews/idINSGE61P05C20100226
As I said yesterday it would be strangely out of character for the secretive Chinese to announced before hand their specific intentions as such a thing would undoubtedly cause the price of gold to run up higher, something which they or any other buyer for that matter, would desire.
We do not need a newspaper story telling us however what we already know and that is Asian Central Banks are looking for ways to diversify their reserve holdings and gold is going to be in that mix. They will buy gold when the speculative funds are knocking the price lower and for all that we know, they may have been the buyers of size earlier this month when gold dropped to $1,040 – $1,050. These banks will be buyers whenever prices fall and will provide a long term floor of support beneath the gold market.
On the same front there is another story circulating around out there today that it is India which is looking to buy this same IMF gold. Guess what – they probably are; just like China is except neither Central Bank is going to come out and tell us ahead of time when or how much. They will just do it and then the news will filter out into the market and every one will go ga-ga and run the price sharply higher, where it will then lose some upside momentum after a while, come back down and these same Central Banks will look to buy some more and the process will repeat itself once more.
The HUI, while higher today, is having trouble getting above this Tuesday’s high near 406. You might recall that was the day we saw a sharp sell off in the mining sector. If it can close above this level, it will give the bulls a definite advantage going into next week. The next level of upside resistance, and that which must be bettered to give this sector a shot at a trending move, is the 420 level, which also happens to correspond to the 50 day moving average. Initial support is at yesterday’s low. As I write this commentary, the ratio spreads from the hedge funds are appearing once again and knocking out the props from beneath the mining shares.
Crude oil is attempting to get above $80. It has not broken down but if it cannot get over this hurdle within the next couple of trading sessions, some of the bulls will get impatient and it will drop back down into the trading range between $80 – $81 and $70. For now it appears that bull and bear forces are in a relative state of balance with the bulls having the very near term advantage.
Dollar bulls continue to prop this market up and thwarted bears from breaching critical downside support levels. Bears were gunning for the 80.14 level and managed to push price down to 80.19 before the bulls came back and shoved price back up. Even though the bearish divergences and loss of upside momentum continues to make itself evident in the USDX chart, the funds are managing to stave off the sellers as they work to defend their large long positions.
Bonds continue their charge higher and once again bond bears get obliterated thanks to the ongoing machinations that occur in that market.
DAN'S CHART:
http://jsmineset.com/wp-content/uploads/2010/02/February2610Gold.pdf
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