Friday, October 19, 2007

Dollar Destruction, Or Deception?

Is this where we are? It sure looks that way. Gold is taking on the characteristics of a short squeeze in motion as each day passes. Yet I just don't envision dem Rat Bastids on the COMEX throwing in the towel without a brawl. Silver has actually been consolidating between 13.85 and 13.10 and may only need one more step back before bashing down the wall at 13.85. Oil is ridiculously overbought. The froth in the futures there is thick. The Dollar? The Dollar actually looks closer to a near-term bottom than it does to destruction. The time window to act is prepared to act quickly if sale prices in the Metals develop.

Support in Gold at 755...a move back below 763 should get your attention.

Support in Silver at 13.66...a move below 13.73 should get your attention.

745 Gold and 13.47 Silver might be considered "sweet spots".

No comments:

Post a Comment