Good Morning everyone, I once again would like to credit Harvey Organ's Blog for the Comex Info you will find below. If you trade or just want to lean about trading in metals he is a great resource of the inner workings of that market. If you think its like buying and selling stocks that would be a mistake in my opinion. Its more like playing poker, the people know each other their habits, its smaller and more volatile, a lot of head games, and big swings in momentum etc.
Emerson wrote that " With the past, I have nothing to do; nor with the future. I live now" I love that and I try to use that in my life but not when it comes investing, when it comes to finding entry and exit points, its all about the past and the future.
So lets get to it, if you will recall back at the end of January when Gold was falling almost daily and the MACD had gotten below 9 I pointed to August MACD and I was early by one day in the ramp that was to follow well I think Gold is going to start ramping up here if it will hold the 20dma. If you will notice that it has violated the 20dma average several times from but it only does that while moving sideways, it has moved sideways from 10/2010 to end Jan 11 and then took off from the bottom of that channel to make a an all time high, to give us a "Signal" that the ramp up move from the recent low 1308 to 1444 is not over it MUST hold the 20dma why because it is its habit. Okay so you say well what about the MACD looking like its rolling over or peaking. I'll point you to the MACD topping out at 30 on Oct/2010, and there were sell offs but gold moved even higher almost 50 bucks while the MACD went down, so keep that in mind. I Use the MACD on daily charts for help in daily charts to call a bottom, Slow stochastics to call major turns on weekly charts (when something has been beaten down for months or years). Calling a top for me has been very difficult I cant find anything reliable, but bottom turns is another story.
Personally, I think we get to 144-150 dollars in Gold, from the old high (1430) in this move.
So lets get to it, if you will recall back at the end of January when Gold was falling almost daily and the MACD had gotten below 9 I pointed to August MACD and I was early by one day in the ramp that was to follow well I think Gold is going to start ramping up here if it will hold the 20dma. If you will notice that it has violated the 20dma average several times from but it only does that while moving sideways, it has moved sideways from 10/2010 to end Jan 11 and then took off from the bottom of that channel to make a an all time high, to give us a "Signal" that the ramp up move from the recent low 1308 to 1444 is not over it MUST hold the 20dma why because it is its habit. Okay so you say well what about the MACD looking like its rolling over or peaking. I'll point you to the MACD topping out at 30 on Oct/2010, and there were sell offs but gold moved even higher almost 50 bucks while the MACD went down, so keep that in mind. I Use the MACD on daily charts for help in daily charts to call a bottom, Slow stochastics to call major turns on weekly charts (when something has been beaten down for months or years). Calling a top for me has been very difficult I cant find anything reliable, but bottom turns is another story.
Personally, I think we get to 144-150 dollars in Gold, from the old high (1430) in this move.
Gold closed at comex closing time at $1421.50 up $9.30 on the day. Silver was the standout rising by 89 cents for the final weekly close at $35.93. Both metals were a little roughed up in the access market whereby gold finished at $1419.60 and silver at $35.90. The banking cartel, no doubt, were planning another raid as they bombed the London market immediately after the first fixing of gold. At around the exact time (2:30 pm Toyko Time) a massive earthquake hit 70 miles off the coast of Japan setting off a massive tsunami. The world realized that the damage to the economy in Japan would be high, and eventually gold and silver reversed course and proceeded northbound, leaving the banking cartel in shell shock. The world generally turns to gold when a huge natural disaster strikes.
The total gold comex open interest fell by 5504 contracts to 515,633 from Thursday's reading of 521,137.
The open interest fell from 294,925 to 280,580 and this number is normal as many are rolling to the second biggest delivery month in the gold calender, June.
The estimated volume at the comex was high at 199,435 as we did witnessed the roll from April to June as explained above. Confirmed volume 228,681 with minor switches.
Stating the obvious Silver has had a massive move up so where does is go from here in the short-term. Recently we had a move from approximately 31 to 26 so thats five dollars, so my target then was roughly 5 dollars above the old high, Silver went to a high of 36.71 and now with this pull back went to a low of 34. The next move up should take us to approximately 40 (20dma should hold). I know this sounds too easy but its been working even with the JPM raids.
Silver
The total silver OI fell by a tiny margin to the tune of 825 contracts. The Friday reading is 132,677 and Thursday's reading was 133,492. And now for the big reading of March silver. The comex folk has sent down data showing the March OI at 1338 falling 89 contracts from the Thursday level. We had 88 deliveries so the entire fall is from those deliveries. The market expected a much higher number of deliveries and it disturbed them greatly. The next delivery month of May saw the OI fall by a tiny margin from 80,480 to 79,555. Most of these rolled into the July contract.
The estimated volume at the comex was a humongous 94,122 contracts. The confirmed volume on Thursday was also very high at 83,628. JPM and Blythe were very anxious to cause a tsunami in silver pricing and they failed miserably yesterday.
The living moment is everything. ~D.H. Lawrence
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