The metals had some wild gyrations last night in the futures market with gold falling to $1535 and silver to $26.16. Given that my target was $1517 in gold I expect these markets to firm up and potentially rally from here. I thought we could see some panic selling, it’s just unfortunate that it didn’t occur during regular market hours for most to take advantage of.


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7 Responses to “Target Nearly Achieved In Gold”

  1. rajesh Says:

    jeff.
    how far could silver ang gold rally? what resistance levels do you anticipate for both?

  2. jeff pierce Says:

    after the close sometime I’ll update with targets.

  3. Sim Says:

    Jeff…trust me it was better to watch them fall and sit aside than try and jump onto a moving train… very risky shorts and only for the deep pocketed as you can see by the charts…

  4. Richard Says:

    So in a weeks time it’ll be back up to 1900 again . Paper money having
    little or no contact with reality . You try buying real gold bullion at 1600 and
    they’ll tell you to come back tomorrow. Only someone whose one can short
    of a six pack will be selling the real thing right now at this price.

  5. Kevin Says:

    correction mode for gold is right around average yearly correction (15% since 2001). notice that price has fallen back into upward trend channel – healthy move. consolidation time.

  6. abdul Says:

    If you look back at history, gold and silver will fall along with other hard commodities when US dollars take centerstage again like what being happening now. But if you weight the value of the US dollar now, it is different from the past. Bear in mind at the rate US is spending now, they will never be able to pay their debt again and a probability of another downgrade next year for sure. So I still believe that the best place to park your money for long term is still with gold and silver. Take this panic a chance to plan for an entry. SLW is my favourite silver play.

  7. Richard Says:

    Nothing like being , well , wrong . gold is one or two off 1600 19:30 28/09/11.
    Must admit , bit baffled . I agree with you Sim , moving trains are best avoided.
    My problem is I get on the train and just as it leaves the platform I jump out.
    Need to buy a ticket next time .

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