Current Market Rates Per Ounce
February 03, 2012 3:19:34 PM PST
| USD $ | CAD $ | |
| Gold (AU): | 1,724.90 | 1,709.10 |
| Silver (AG): | 33.56 | 33.26 |
| Platinum (PT): | 1,615.63 | 1,600.83 |
| Palladium (PD): | 701.60 | 695.17 |
| USD-CAD Exchange Rate: | 0.991 | |
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Is Gold About To Rocket and the S&P500 Tank?
By Chris Vermeulen
July 11, 2010
Last week we saw stocks move sharply higher as traders started to cover their short position which added fuel to an already oversold market ready to bounce. Overall volume was not that strong on the move up which is a bearish sign. On Friday afternoon we saw the S&P500 continue to move into the $1075 resistance level on very light volume. This indicates to me that buyers are not willing to pay these higher prices because the market has moved up so quickly and the fact that it's trading at a resistance level.
I feel the market will gap higher on Monday just like we say on June 20/21 deep into a resistance level and the big money will short the pop sending it sharply lower.
Gold looks to be shifting its momentum from a down trend to an uptrend. It's forming a reverse head-and-shoulders pattern which is shown in the video posted below.
Here is my technical trading report video covering gold, the US dollar, the S&P500, market internals, and on-balance volume:
iPhone/iPad Video Format: Click Here
Conclusion:In short it looks as thought the market is at a critical pivot point. We could see prices stall out here and continue the down trend or see strong buying step in sending prices higher in the equities market. We need to wait and see what type of price action unfolds in the coming days.
If you would like to receive my trading alerts and education checkout my service at: www.FuturesTradingSignals.com or my swing trading service at: www.TheGoldAndOilGuy.com.
TheGoldAndOilGuy.com is owned and
run by me (Chris Vermeulen), an individual gold trading specialist.
After sharing my gold analysis with friends, traders and financial
advisors, I decided to make TheGoldAndOilGuy.com my full time job in
2003. This service was designed from the ground up to help individual
traders who want to focus on consistent, accurate and profitable trades.
Over the past ten years my strategy has been refined to one golden trading
vehicle which has an almost 100% accuracy. The GLD (DGP and DZZ) gold
exchange traded funds are now the most accurate trading vehicle I have
seen, so it's my vehicle of choice. Members of TheGoldAndOilGuy.com not
only get to trade my signals, but see my live trading charts and ask me
all the questions they wish. My goal is for all of us to make money
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