This is a sample entry from Kurt Pfafflin’s weekly precious metals market commentary newsletter, The Gold & Silver Speculator.
For nearly 3 months, the Gold & Silver Bears have relentlessly feasted on the battered and bloody Bulls, but could their total domination be nearing an end? Let’s take a quick look at how far (and how fast) these markets have recently fallen:
GOLD & SILVER CORRECTION
FEB 29th “LEAP DAY MASSACRE”/MARCH/APRIL/MAY…???
JUNE GOLD (GCM2)
1794.3 HIGH (2/28/12)
1526.7 LOW (5/16/12)
DOWN -$267.6 PER OZ (-14.9%)
JULY SILVER (SIN2)
37.600 HIGH (2/29/12)
26.730 LOW (5/16/12)
DOWN -$10.87 PER OZ (-28.9%)
HAVE IMPORTANT BOTTOMS BEEN PUT IN? OVERSOLD TECHNICALS & BULLISH COTs POINT TO HIGHER PRICES…BUT TRADERS SHOULD BE AWARE THAT IF EUROPEAN CRISIS GETS WORSE (POTENTIAL GREECE EXIT FROM EURO, ETC), FURTHER DELEVERAGING/ RISK AVERSION/ WEAKNESS CAN EASILY OVERWHELM BULLISH FACTORS.
Over the past week, we’ve witnessed even more price weakness in both Gold & Silver and reached critical levels of support that appear to have been successfully tested with a slight bounce higher off them. The very favorable COT levels continue to be as positive/bullish as when the Gold and Silver markets bottomed then reversed higher in SEPT 2008 & DEC 2011. These positive COT developments should be viewed as a good contrarian indicators that we’re close to potentially getting a trend reversal back in favor to the upside…
IMPORTANT UPCOMING DATES ON THE CALENDAR THIS WEEK/NEXT WEEK:
JUNE GOLD (GCM2) OPTIONS EXPIRATION/LAST TRADING DAY
JUNE SILVER (SIM2) OPTIONS EXPIRATION/LAST TRADING DAY
MAY GOLD (GCK2) FUTURES EXPIRATION/LAST TRADING DAY
MAY SILVER (SIK2) FUTURES EXPIRATION/LAST TRADING DAY
JUNE GOLD (GCM2) FUTURES – FIRST NOTICE DAY (FND)
Any long June Gold futures position holders must exit/liquidate their open positions PRIOR to FND (ie before the CLOSE of trading on Thursday 5/31/2012) unless they intend to Stand For Delivery as that is when the CME/COMEX can begin assigning deliveries to those long futures contract holders.
“ROLLOVER” – IN ANTICIPATION OF FIRST NOTICE DAY (FND), TRADING VOLUME & OPEN INTEREST IS NOW HEAVILY MIGRATING TO THE AUGUST FUTURES CONTRACT (GCQ2)
US GDP Q1 (Preliminary) – 7:30AM CT
Please refer to the charts below for further commentary and analysis…
JUNE GOLD (GCM2) – WEEKLY CHART
JULY SILVER (SIN2) – WEEKLY CHART
|PIVOT POINT SUPPORT & RESISTANCE LEVELS (WEEKLY & MONTHLY)|
|JUNE GOLD (GCM2)||5/21/12 – 5/25/12||JUNE GOLD (GCM2)||MAY 2012|
|WEEKLY R2||1642.8||MONTHLY R2||1726.1|
|WEEKLY R1||1617.3||MONTHLY R1||1694.3|
|WEEKLY PIVOT POINT||1572.0||MONTHLY PIVOT POINT||1653.7|
|WEEKLY S1||1546.5||MONTHLY S1||1621.9|
|WEEKLY S2||1501.2||MONTHLY S2||1581.3|
|JUNE GOLD (GCM2)||COMBINED|
|MONTHLY PIVOT POINT||1653.7|
|WEEKLY PIVOT POINT||1572.0|
|JULY SILVER (SIN2)||5/21/12 – 5/25/12||JUNE SILVER (SIN2)||MAY 2012|
|WEEKLY R2||30.40||MONTHLY R2||34.81|
|WEEKLY R1||29.53||MONTHLY R1||32.88|
|WEEKLY PIVOT POINT||28.13||MONTHLY PIVOT POINT||31.44|
|WEEKLY S1||27.26||MONTHLY S1||29.51|
|WEEKLY S2||25.86||MONTHLY S2||28.07|
|JULY SILVER (SIN2)||COMBINED|
|MONTHLY PIVOT POINT||31.44|
|WEEKLY PIVOT POINT||28.13|
Subscribe to The Gold & Silver Speculator Absolutely Free!
This is a sample of the analysis from my weekly precious metals market commentary newsletter, The Gold & Silver Speculator. Register now to receive the most relevant investment information and trading tools to participate in the gold and silver markets!