Gold and Silver Current Thoughts 3-01-2015

3-1-15 SVXY Chart

China lowered rates over the weekend fighting their own slump and many thought gold would take off higher because of this, but is flat in Asian trading that just began at the $1,214 range and silver up 2 cents to $16.61. JNUG has slowly moved higher from the Feb. 23 low of 26. It hit resistance approaching its Feb. 18th closing high of 30.28 on Friday getting only to 30.20 and needs to break above that for longs to feel comfortable. A break below 8.57 and JDST could be headed to test its Feb. … [Read more...]

Gold and Silver Current Thoughts 2-26-2015

2-26-15 GLD Chart

From the Trading Desk Overnight data showed that net gold imports from Hong Kong to China jumped from a three month low in December of 71.4 tons up to 76.1 tons in January. This is a common occurrence in January as demand increases ahead of the Lunar New Year and the release of the data last night gave gold an initial boost to kick off its trading session.  Chinese gold imports through Hong Kong set a record in 2013 of 1,158 tons but fell in 2014 to just 813 tons.  Analysts expect Chinese … [Read more...]

Gold and Silver Current Thoughts 2-25-2015

2-25-15 SVXY Chart

Gold is doing all it can to trade above $1,200 as it is stuck in a range between $1,190 and $1,212 the last 4 trading days. One has to be patient waiting for a move. I had mentioned a few days ago that some of whom I follow have been calling for a move higher. I couldn’t tell you if that’s the case or not, but only would say if you are trading the metals, wait for a move above or below those levels. I would even say a break of $1,200 buy JDST, but keep stops. Gold is up 3.50 after hours to … [Read more...]

Gold and Silver Current Thoughts 2-24-2015

2-24-15 USO Chart

From the Trading Desk The overnight session was painfully quiet.  Volume on the electronic exchange was dismal with participants on the sidelines due to the Chinese holiday and anxiety over FOMC Chair Yellen’s congressional testimony on the US economy today.  The precious metals slid quietly lower overnight in the absence of physical demand.  The easing of Greek debt funding concerns also did not do any favors for the precious metals complex. On to the US session, Yellen’s commentary … [Read more...]

Gold and Silver Current Thoughts 2-23-2015

2-23-15 USO Chart

Gold gapped down this morning and broke below the $1,200 mark down to $1,190.70 before bouncing higher to $1,209.90 and closing at $1202 in a whipsaw day. I would use a break of $1,200 to trade gold short and a break of $10 to trade gold long. JDST triggered a weekly green arrow today at 9.85 and closed at 9.75. I'm still not looking long miners at this point, but tomorrow we have Draghi and Yellen speaking that can cause some volatility. It may be a difficult day to trade unless you can catch a … [Read more...]

Gold and Silver Current Thoughts 2-22-2015

2-22-15 GLD Chart

The headlines are all negative for gold of late. Whether it’s the $4 billion erased from funds or the Greece deal optimism, gold has opened down in Asia at $1,201 at present, but still holding above the $1,200 round number resistance. On Friday, gold was down and JDST was up 4.88% closing at 9.63, near it’s high. Look for $10 to be taken out and if we gap up, trade the first higher high long especially if we have gold below $1,200. This could be a great trade if we stay under $1,200, and if … [Read more...]

Gold and Silver Current Thoughts 2-19-2015

2-19-15 GLD Chart

From the Trading Desk The precious metals were looking weak for the majority of the trading session yesterday and then the FOMC minutes prompted a reversal of course.  The Federal Open Market Committee January minutes implied that a majority of members are still of the mindset to keep rates unchanged for longer than expected.  The committee considered such factors as USD strength as well as slow wage growth.  Instead of tightening around mid-2015, economists are now forecasting that it will … [Read more...]

Gold and Silver Current Thoughts 2-18-2015

2-18-15 GLD Chart

What a difference a day makes in a sharp turnaround for gold and silver. What was the reason? The Fed minutes came out. Anytime we have Fed meetings and the release of Fed minutes, we always have volatility. Gold opened lower then the release of the Fed minutes came out and gold shot up as seen in the chart below, and trended higher the rest of the day. Federal Reserve minutes from the January 27-28 meeting expressed growing concerns about low inflation (some -like me-may call it … [Read more...]

Gold and Silver Current Thoughts 2-17-2015

2-17-15 USO Chart

From the Trading Desk The US market has returned from the long Presidents’ Day weekend to find all four precious metals breaking down.  Seemingly friendly news for the precious metals out of Europe was not enough to combat technical selling and developments in China.  In Brussels, the Greek Finance Minister refused to request an extension of his country’s existing bailout program.  This broke down a potential agreement on debt restructuring between Greece and its creditors.  Geopolitical … [Read more...]

Gold and Silver Current Thoughts 2-17-2015 Morning Update

We obviously opened up down on gold and silver which took away any bias I had. I said in yesterday's thoughts that if we took out 9.00 on JDST it would be a trade long. It gapped up and opened at 9.24 but for those who could trade pre-market, could have got it at 9.01 to that price. It then fell to 9.02 after the open and traded a higher high a 9.18. Currently it is 9.38 with a high of 9.47. I like it at this point since gold is now down and looking to possibly break $1,200 on its way to last … [Read more...]