Gold and Silver: Hello… I’m back!
- Posted by admin
- on October 25th, 2011
Silver ($SI_F) looking like it wants higher as it’s poking out of its range — has room to the 200SMA.
Gold ($GC_F) reversed at 1705 resistance — but looks like it has room until 50SMA.
We had $IWM as a short on our newsletter at 74 for days (and tweeted several times)– today it hit the level pre-market and reversed hard. We see that happening a lot lately — hitting resistance overnight futures/pre-market and not in regular session. Note that was first test — next test will likely break-out of the range.
Copper ($HG_F) failed break-down last night through 3.50 but through there and has room to 50SMA and daily resistance near 3.65. Copper has been wild lately and we’ve been staying away — massive death days followed by rip days. Lots of things going on in the background there and too volatile for us to get involved.
Huge move in crude ($CL_F) that stalled at the 200SMA today. Lots of congestion ahead — further upside should be tough as lots of stickiness around 95.
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