07 January 2015
Gold Daily and Silver Weekly Charts - Gold Capped at the 100 DMA (Again)
So far the 100 DMA is holding gold down firmly in place, as the 130 day moving average is holding up the SP 500. That 100 DMA is a mark watched by many traders, so this may just be a technical reaction to a short term overbought market.
The silver strength was a bit reassuring, but the price moves in the precious metals through Monday should tell us the real story.
We paid $1.73 for gasoline today at a Costco. That seems a bit unnatural, but enjoy it while you can.
I think it does help to demonstrate how artificial the $4.00+ prices had been.
I think long oil might be a good play sometime this year. I would imagine it will show up in time for the Summer driving season, but let's wait for the market to tell us.
Have a pleasant evening.
Posted by Jesse at 4:22 PM