GLD, daily
SLV, daily
Summary
An interesting day so far, not least because of the dynamic moves in the metals market.
Moody Gold bugs
No doubt the gold maniacs - those insane non-traders who only tolerate talk of 'Gold will go UP', will be touting 'its the cartel'. Err, no..its a natural move..and certainly was predictable from a technical chart-perspective.
Gold is testing the 158s...but since SLV is already below the equivalent support level, GLD probably won't be able to hold the 158s, at least on a multi-week basis.
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As for the main market....
sp'daily5
Nothing exciting yet, but a close in the 1420s seems very possible.
time for lunch
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UPDATE 12.50pm I'm looking for a second spiky weekly candle. I could tolerate 1425 tomorrow, but anything 1415< would be much better.
As things are, I still think if we can take out the key 1398 low, we have a real chance at freefall to the 200 MA @ 1200 in early January.
That would make for one hell of a 'buy the dip' level in anticipation of increased QE from the Bernanke and Draghi in early Spring.
UPDATE - Euro.
Today is panning out much like yesterday, opening gains, but the Euro is weakening, and the USD is picking up a little strength into the affternoon.
Seeking 1.29s by end year