Tuesday, January 03, 2006

Gold and Silver

Here are updated hourly charts showing pit and electronic trading in February gold and March silver futures.

Both markets have surprised me by rallying more than I expected. Even so, this strong rally has brought gold to resistance near 536 which is 2 and 1/8 times the bear market low price at 252.5o. Similarly silver has rallied to the 921 level which is 2 and 5/8 time the bear market low price of 351. These are both strong resistance levels and I expect both markets to turn lower here and then to break their December low points.

No comments: