On the heels of gold breaking above the $1,800 level, the Chart of the Day says gold is starting to shine once again.
Chart of The Day: Gold Starting To Shine Again
October 25 (King World News) – Top Citi analyst Tom Fitzpatrick: Gold continues to closely follow the path seen in 2011-2021 suggesting that we can continue to see higher levels towards $1,900+ into year end.
Resistance is met at:
• $1813: 55 week MA
• $1,834: Strong horizontal resistance
• $1,839: Downward sloping trend line resistance.
IF we were to see a weekly close above these levels, as in August 2012, we would expect to see a topside acceleration in the following weeks towards the $1,916 resistance area.
Gold Break Above $1,813-$1,839 Area
Triggers $1,916 Target
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Other charts we are watching:
Silver has broken through downward sloping resistance and is approaching horizontal resistance at the 55 week MA at $24.87-$25.27. A weekly close above this range, if seen, would suggest we could see a move back towards $29 again
Is approaching rising trend line resistance off the March and July highs at $86.07. A move above here would open up the potential to extend past $90.
Has set up the potential for a bullish outside day (the day is young) if it closes today above 93.79 and suggest at least 94.17 again
Has also set up the potential for a bearish outside day if it were to close below 1.1621 today suggesting at least 1.1572 can be seen
USD Index and 10 year TIPS
This overlay does not really support a move of USD strength and suggests that the USD-Index should be around 93.40
Continues to look in danger of posting a head and shoulders top IF we see a close below minus 101 basis points. Such a close would suggest a return to the lows at minus 122 basis points and further question the potential for any sustained overall USD strength.
Silver Break Above $25.27 Would Trigger $29 Target
Plus Look At Oil, Dollar, Euro, And 10 Year TIPS
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***To listen to Alasdair Macleod discuss the emergency meeting in London regarding the metals markets CLICK HERE OR ON THE IMAGE BELOW.
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