Monday, July 23, 2012

23 July 2012

 The dollar is heading towards a long term resistance line (it doesn't show up well - its blue and red).  The line connecting the 2002 and the 2010 high has been broken by the recent rally.
 Gold is carving out a wedge.  If we break the red line, we could go lower. If it breaks the white line, we could go higher.
 Medium term is definitely not oversold, and this pullback is weaker than the previous one (new low).
 Silver is sitting on long term support.  It could go to the red line if it breaks this support.  The white line around 23 is the 61.8 fib retracement.
Short term not oversold yet.

"There are no hopeless situations; There are only men who have grown hopeless about them."
Clare Boothe Luce

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