Wednesday, December 23, 2009

The precious metals weakness

Precious metals are  weak  these times, breaking my preferred support levels of 108-109 on the ETF (GLD). Silver on Tuesday has confirmed the gold persistent weakness putting in a new low since this wave down has started. So, for now I'm considering highly probable the test of 100-102 range for the ETF GLD (1010-1030 for physical) and the down trend line (at 14.90) for the silver.






























This impulse down bodes well with an expected continuation of the dollar strength. I don't see any meaningful correction before 81 is reached.

No comments:

Post a Comment