Sure Shot
Sure Shot Commodity Trading Tips Trial For Today
Silver price
will catch up, and it will have to outperform gold, in the process. It may be difficult to be in silver futures, so we continue to strongly advocate buying and holding physical silver, NOT ETFs. We had been long silver from 39.53. When price rallied on Friday, prior to the large break, there were no signs of stopping action that would have us liquidate long positions. As price declined for the balance of the trading day, our 38.93 sell stop was triggered, and we had a loss on the second half position. The first half was sold at 40.78.
We are now flat the futures but continue to be personal buyers of physical and urge all of you to do the same. There are no margin calls on the physical, and we were buyers when silver was at $48, and still hold those positions, and we sleep well with them as the expression goes.
There was a sell-off in May, but not as severe as the one in
silver updates
. Both metals went sideways for a while, absorbing all the selling efforts in preparation to go higher, but the smaller, more susceptible silver market has not fared quite as well as gold. Note how gold rallied farther, and the recent correction was minor, by comparison.
Another unbelievable move in the Gold market ! Today’s December Gold futures market traded as high (so far) as $1722.90 in the post day session market…Another All-Time record . The ay/post session combined for a $41.20 range… The Standard and Poor’s downgrade for the United States Credit rating from AAA – AA+ was the fuel that propelled this Rally to historic levels…
The downgrade sent a message of Instability to the world’s investors and a warning that even the world’s largest economy is susceptible to a debt crisis… On July 1st the December
gold price
contract closed at $1481.00. Since then we have rallied $241.90 in about 5 weeks…. The U.S legislators have no one to blame but themselves.
During the final days before agreeing on a debt crisis “BILL” the Bi-partisan bickering and public antics only highlighted the the uncertainty and political divide that is in my opinion destructive to America as a whole….and preventing our return to greatness……
We as a country need to focus on our unemployed and our housing sector in order to get our economy on the right path…..In other words having everybody pulling on the same side of the rope…..
As long as there is global uncertainty there will be savvier investors running to the Gold market as a “safe haven” alternative investment. Historically both Gold and Silver retain their value better than most commodities during times of economic uncertainty…
Crude is firmly anchored to overall risk appetite trends, with the correlation between the WTI contract and the S&P 500 at the highest in nine months (0.78). Needless to say, this points the way lower as futures tracking the benchmark stock index trade down over 2.5 percent ahead of the opening bell on Wall Street. The selloff reflects traders’ interpretation of the Standard and Poor’s downgrade of the US credit rating in terms of its implications for the altering faltering global recovery, worrying it bring higher borrowing costs and amount to yet another headwind for the world’s top economy.
Prices broke below support at the bottom of a long-term rising channel set from the March 2009 low set in the aftermath of the 2008 financial crisis. As with the S&P 500, a bounce to relieve increasingly oversold conditions seems reasonable in the near term. Near-term Fibonacci resistance lines up at $90.88. Alternatively, a sustained break through current support at $85.25 exposes $78.29.
Gold is understandably pushing higher, boosted by safe-haven demand as global slowdown fears are compounded in the wake of the S&P downgrade of the US credit rating. Indeed, seems particularly attractive when compared to anti-risk paper currency alternatives, facing no official intervention (as with the Franc and Yen) or a looming threat of renewed quantitative easing (as with the US Dollar ahead of Tuesday’s FOMC meeting).
Technical positioning is not quite as rosy however. Prices gapped above major resistance at a rising channel top in place since mid-May 2010, pointing to acceleration in the uptrend and exposing the measured target at $1745.97, but signs of negative RSI divergence warn that bullish momentum is waning and a blow-off top may be in progress. Near-term support stands at $1682.67, the 76.4% Fibonacci extension level.
WTI Oil: Oil has plunged the past 2 sessions and we have reached the med term 61.8% retracement Fib of the rally from May last year…So this should offer some support here at 8342, and sellers should have covered and buyers come back into the market.
Failure to hold 8300 sees sellers back in the market for 7980. Gold is seemingly taking the place of currencies at the moment, with absolutely no break in the demand….It has exceeded all resistance levels, slicing through them like a knife through butter…and we cannot stand in the front of it…we have to go with this strong trend and just look to buy into weakness…if ever we see weakness again..
The school of thought is that markets do not go up in a straight line…well this one has..now the 50% fib extension is at 1712, and we have overextended this by 3$….we may well see a small pullback then this session, and we will be ready and waiting to get back into the market…worldwide financial turmoil has always been bullish for Gold, and this is no exception…2000$ is looking to be the med term target and this should be seen before Christmas…. Today the market is supported at 1696/94 and under this 1677…
Beastie Boys – Sure Shot
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