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Gold & Silver on Technical Ropes - Market Report for 06/02/2014
Category: Market Reports
Author Name: Roy Friedman
Posted: 06-02-2014 11:07:00 AM
Technically, gold and silver are on the ropes, as short sellers continue to feel empowered as witnessed by speculative short positions which increased sharply in both metals last week on the futures exchange.
Author Name: Roy Friedman
Posted: 06-02-2014 11:07:00 AM
Technically, gold and silver are on the ropes, as short sellers continue to feel empowered as witnessed by speculative short positions which increased sharply in both metals last week on the futures exchange.
Precious metals began the week with a quiet Asian session that saw all four precious metals drift lower on light volume. Selling interest picked up a bit during the European morning, as all four metals continued to probe lower with volume remaining below average. In early U.S. trading, gold and silver are bouncing and trading above Friday’s close, while platinum and palladium have just made new intra-day lows.
Technically, gold and silver are on the ropes, as short sellers continue to feel empowered as witnessed by speculative short positions which increased sharply in both metals last week on the futures exchange. With this in mind, a news event or a wave of buying could set the stage for another in the long line of “nasty” short covering rallies. Buy stops are likely looming above $1,255.00, $1,275.00 and $1,295.00 and $1,305.00 in gold while the same should be expected in silver if it breaks $19.00, $19.20, $19.50, $19.75 and $20.10. Failing to break any of the resistance levels just mentioned, gold and silver will be targeting $1,225.00 and $18.50.
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About The Author
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This editorial has been prepared by Roy Friedman of Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing. |
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