Tuesday, January 17, 2006

Gold and Silver

Here is an hourly chart showing pit and electronic trading in February gold futures.

I had expected the market to make it up to 568 but it only made it to 565.50 last night before it started to drop. Today it made a lower top at 561 and closed weak. This means that gold has started a dropt to 470.

Silver has behaved similary, making it up to 935 (vs. my 940 expectation). It is now headed for 760.

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