Tuesday, November 03, 2009

Gold Futures Make All Time New Highs



Even though the dollar was up today, gold surged higher based on news that the Reserve Bank of India bought 200 tons of gold from the IMF for $6.7 billion. Today gold made a new record high but silver has yet to break high.

4 comments:

frank said...

Kevin

Can you have a look at this chart and tell me if the downtrend may be ending?

http://stockcharts.com/h-sc/ui?s=$USD:$CDW&p=D&yr=2&mn=4&dy=0&id=p32426377119

thanks

Kevin said...

I see a possible inverse head and shoulders pattern but I'd like to see a few more days of consolidation and then a move above the neckline. Until I see that happen, the trend is still down.

iv said...

Based on this silver/gold dissonance...are u bullish or bearish on gold short term?

Kevin said...

I've been bullish on gold since the breakout but because silver is not leading the way higher, I am using a tighter trailing stop to lock in profits. I also think the dollar might be bottoming so that's another reason for using a tighter stop in gold.

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