Tuesday, July 19, 2011

Precious Metals Pullback (Updated)

The only thing certain in this market is volatility.  Repeat that outloud if you have not figured such into your daily calculations of the market:  Everything pulls back.  Espercially gold, silver, and platinum.

Support for gold is around $1550.  Support for silver was $34-$36, and the run up means that it will test the high end of that range.  Oil's support is just under $96, and the move will see the dollar go to almost 77 DXY.

Good luck trading.

Greece may have just defaulted, so there is no telling what will happen.  If you are not extra long PMs, you may want to consider that position.  I highly recommend it.
Posted by at

6 comments:

  1. Dagny TaggartJuly 19, 2011 at 6:39 AM

    I miss your my little pony avatar. It cheered ZH up a bit, IMHO.

    ReplyDelete
  2. Mr Lennon HendrixJuly 19, 2011 at 6:43 AM

    Thanks Dagny. I wish I was in a cheerful mood. I am a little worried now that the world is on edge, even though I know I am as prepared for the coming societal change as I can be. Hopefully this all ends well.

    It means a lot to hear from you. I hope you are well. Do take care.

    ReplyDelete
  3. Dagny TaggartJuly 19, 2011 at 7:14 AM

    You can find me over at http://dagnytaggart55k.blogspot.com/

    There is plenty of good left. We'll just have to make sure it has a better outcome. Don't let it get you too wigged.

    ReplyDelete
  4. BrianJuly 19, 2011 at 9:47 AM

    this is one of my favorite blogs, i come here everyday to read what you write. i was just in a horrible accident over the weekend that saw my wifes car get totaled. thanks to GOD and some guardian angels i dont have a scratch on me. so im cheerful to be alive. but im also cheerful and thankful for people like you all which have created these blogs that keep us all informed of what is to come. we know everything is going to get worse, but we are prepared and we have our health. dwell on the positives and everything will work out for the good in the end.

    ReplyDelete
  5. Mr Lennon HendrixJuly 19, 2011 at 10:46 AM

    Glad you are alright Brian. It is great having all of my readers around to not only add to this site, but keep me company.

    Dagny that is a great you have a blog! I will check it out.

    ReplyDelete
  6. UnknownJuly 19, 2011 at 6:58 PM

    Stumbled upon your site via ZH. I've reviewed some of your past analysis and I would have to concur. I'm looking forward to following your posts.

    ReplyDelete

Subscribe to: Post Comments (Atom)