TheGoldAndOilGuy's blog

Gold is back in the spot light as it flirts with the $1000 per ounce level. This closely watched commodity looks as thought it will rocket higher because of the multiple trading time frames indicating breakouts.

I hope everyone enjoyed the weekend!

Gold is once again the hot commodity, as the price rises to the $1000 per ounce level. This $1000 - $1033 is a technical pivot point for gold. One of two things is going to take place in the coming weeks.

Over the past couple of months, gold and silver have been uneventful. In this report I have posted weekly charts to show the larger trend of gold and silver. Also I have provided small charts of the US and Canadian gold stock funds GDX and XGD.

The Precious Metals & Energy Report

Precious metals like gold and silver appear to be forming a bullish pennant formation, which generally leads to higher prices. Currently the US dollar is hovering around a support level, which is the 76- 79 range. Only time will tell if the US$ breaks down sending gold to new highs in the coming months.

Commodities took a breather last week, while stocks slowly continued their march higher. This week (Monday) commodities moved lower with profit taking and fears of a much larger precious metals and broad market sell off being anticipated in the near future. While it sure looks like we are ready for a pullback in entire market we just may not get one for some time.

This week commodities have been moving higher which is exciting. Gold, silver, oil and natural gas all have bullish looking daily and intraday price action. Monday we saw commodities spike higher and profit taking Tuesday and Wednesday. I am expecting a sharp move here and it could be in either direction, so this report is to keep you on your toes.

Commodities are trying to hold their ground and could go either way quickly. There is a lot of chatter going on about gold and silver. I am hearing extreme theories from everyone I talk with. Generally when I see the market get jumpy we tend to see volatility increase which translates into sharp rallies or sell offs.

My finger is on the trigger for Gold

It’s that time again when the gold bugs come crawling out of the wood work.

The rising tide lifts all boats, and that is exactly what we saw last week. Gold, silver, oil, natural gas, and stocks all put in a solid bounce last week.

The technical trader looks at the market much differently than most. While many investors are confused when looking at charts which have been marked up by a technician, more experienced traders look at these charts as a map. Short term financial charts are riddles/maps allowing us to put all the pieces together creating a conclusion on how to profit in the near future.

Last week commodities moved higher as investors started buying into the recent pullback in prices. This is a healthy sign for the overall market. This is a quick update for gold, silver, oil and natural gas short term traders.

GLD Gold ETF Trading Chart

In the past, commodity trading was only available to trader with large accounts, high risk tolerance and a good understanding of how the futures market works.

Gold has provided two excellent trades for us this year; both had less than 3% downside risk. With any luck we will have another trade soon. Gold has been forming a large reverse head and shoulder pattern since early March and currently trying to form the right shoulder.

We continued to see precious metals under pressure last week. The US dollar moved firmly higher on Friday which sent gold & silver plummeting lower. Oil continued to drift to new multi month highs while natural gas moved sideways.

The Gold, Silver, Oil & Nat Gas Report

With so much happening in the market, emotions flying high and from being blinded by fear and greed many investors are wondering What do I do now?