Oakshire Financial
12-15-2011, 12:50 PM
This week, as part of our ongoing seasonal wrap up, we take a closer look at commodities, with a specific focus on some bad news concerning everyone’s favorite investment: bat’s piss, er… gold.
What the Santa’s fanny is going on with that durned yellow metal?* And what can be said about her torn down hussy of a step-sister, silver.* Will the blood ever stop flowing?
Look here:
http://oakshirefinancial.com/wp-content/uploads/2011/12/BB-12-15-11-11.jpg (http://oakshirefinancial.com/wp-content/uploads/2011/12/BB-12-15-11-11.jpg)
Just yesterday, gold, as represented by the SPDR Gold Trust ETF (NYSE:GLD), fell 3.5% and broke towards its next support level at the 274 day moving average (in orange on chart).* Volume picked up to three times the daily average and former lows at 155 were taken out handily.
More than this, price action is showing lower highs and lower lows, and RSI and MACD are below their respective waterlines (in blue, above), signalling that we’re currently firmly in the grip of a bear move that’ll likely continue for some time.
Longer term, the weekly chart is pointing to some potentially fatal signs for the latest leg of the gold bull.
Have a look:
http://oakshirefinancial.com/wp-content/uploads/2011/12/BB-12-15-11-22.jpg (http://oakshirefinancial.com/wp-content/uploads/2011/12/BB-12-15-11-22.jpg)
A three year uptrend that began in October 2008 is now…
more at Oakshire Financial (http://feedproxy.google.com/~r/oakshire/~3/04_c8KVjd6A/)
What the Santa’s fanny is going on with that durned yellow metal?* And what can be said about her torn down hussy of a step-sister, silver.* Will the blood ever stop flowing?
Look here:
http://oakshirefinancial.com/wp-content/uploads/2011/12/BB-12-15-11-11.jpg (http://oakshirefinancial.com/wp-content/uploads/2011/12/BB-12-15-11-11.jpg)
Just yesterday, gold, as represented by the SPDR Gold Trust ETF (NYSE:GLD), fell 3.5% and broke towards its next support level at the 274 day moving average (in orange on chart).* Volume picked up to three times the daily average and former lows at 155 were taken out handily.
More than this, price action is showing lower highs and lower lows, and RSI and MACD are below their respective waterlines (in blue, above), signalling that we’re currently firmly in the grip of a bear move that’ll likely continue for some time.
Longer term, the weekly chart is pointing to some potentially fatal signs for the latest leg of the gold bull.
Have a look:
http://oakshirefinancial.com/wp-content/uploads/2011/12/BB-12-15-11-22.jpg (http://oakshirefinancial.com/wp-content/uploads/2011/12/BB-12-15-11-22.jpg)
A three year uptrend that began in October 2008 is now…
more at Oakshire Financial (http://feedproxy.google.com/~r/oakshire/~3/04_c8KVjd6A/)