Gold –
Everyone wants gold to go up.
—the world is going to hell,
—the euro is collapsing
—and gold is the new “gold standard” currency
all this may be true, but the simple fact is that since the December 3rd high of 1230 it has been in a downtrend with lower highs and lower lows.
we have moved up to test the original short entry price on the weekly and it seems to have held. 1040 is the next downside target.
the daily is in short trade, during which trade pressures moved up to extended and price did nothing. the time pressures turn down today. the next downside target is 1084. i am wrong if the 1145.70 high is taken out.
Silver –
as one might expect, silver trades much like gold with perhaps less volatility, dampened by its industrial demand.
16.21 put the long cycles in a short trade to 12.90. a pull back within that short trade to 17.406 has touched the new long entry price, then retreated, so still long term short.
Daily is Flat -The daily has been consolidating after it traded above the 16.83 target. 17.55 is new long entry, but both trade and time pressures are extended, so this may be a false entry.
the short entry price is 16.594 with a target of 15.51.
Platinum –
the long term is still in the move to 1868.80. currently testing the recent highs.
yesterdays high of 1644.50 almost reached the projected target of 1647. Both time and trade pressures are extended. so be careful. a trade down thru 1594 will set up a 1544 target.
the problem with Platinum is that 40 and 50 point days are common; I think one needs to be a long cycle trader to avoid the whipsaws.
Palladium –
we are in the long trade from the 449 entry. on the daily the entry price was 412 and we now have a 487.33 target that is nearby; and as with all the metals the pressures seem to be turning down. a trade down thru 460 could take us down to 437.