• 7 hours Buffett, Dimon Voice Support For Stock Buybacks
  • 13 hours Newmont Goldcorp Now World's Top Miner After Sealing The Deal
  • 1 day Canopy Growth Eyes U.S. Pot Producer In $3.4B Takeover Deal
  • 1 day U.S. Slaps New Sanctions On Cuba To End ‘Glamorization Of Communism’
  • 2 days The Unstoppable Electric Bus Revolution
  • 2 days Pinterest, Zoom Launch Much Anticipated IPOs
  • 2 days Marijuana’s Bizarre Bottleneck Isn’t What You’d Expect
  • 2 days Climbing Stocks Weigh On Gold, But A Turnaround May Be Near
  • 3 days China's Economic Growth Exceeds Analyst Expectations
  • 3 days Gold Prices Fall On Record Global Production Estimates
  • 3 days Can Meditation Make A Business More Profitable?
  • 3 days America’s Biggest And Most Profitable Actually Got Tax Rebates
  • 4 days Central Bank Gold-Buying Is Chipping Away At The Dollar
  • 4 days The Three Assets That Outperformed The S&P Over 20 Years
  • 4 days Inside China’s Renewed War To Purge the Internet
  • 4 days Trump Blames Fed For 10,000-Point Stock Market Loss
  • 5 days Musk Draws SEC Attention With Another Controversial Tweet
  • 5 days The Overlooked Factor Contributing To Inflation
  • 5 days Does Capitalism Need An Upgrade?
  • 6 days Next Major Stock Market Selloff Could Spark A Bull Run For Gold
Trade In Counterfeit Goods Hits Half A Trillion Dollars

Trade In Counterfeit Goods Hits Half A Trillion Dollars

The counterfeit market has breached…

Tesla Struggles To Compete In European Market

Tesla Struggles To Compete In European Market

Tesla continues to catch the…

Douglas V. Gnazzo

Douglas V. Gnazzo

Douglas V. Gnazzo is the retired CEO of New England Renovation LLC, a historical restoration contractor that specialized in the restoration of older buildings and…

Contact Author

  1. Home
  2. Markets
  3. Other

Honest Money Gold and Silver Report: Market Wrap Week Ending 7/23/10

Market Wrap
Gold Liberty Coin
Week Ending 07/23/10


Gold

Gold was down slightly for the week (-3.70), closing at $1189.30. Gold has broken below its rising trend line from Feb. - April and looks set to test horizontal support from its July low at 1175, which connects back to the May low and April - May breakout level.

Since reaching its all-time high in June, gold has been in a short term downtrend, as defined by its declining price channel.

RSI has turned up and MACD is slowly curling up, as if getting ready to make a positive crossover. Gold appears to be trying to carve out an important bottom. It looks as though it still has some work to do.

Gold

Next up is a daily chart of gold with a set of Fibonacci retracement levels extending up from the Feb. low to the June highs.

If the recent low at 1175 does not hold, the next target would be around the 1155 area, as marked by the 50% Fib level.

Gold 2

The weekly chart shows RSI and MACD heading down. MACD has made a negative crossover and suggests there is some more downside action coming before it turns back up.

First support is offered by gold's diagonal trend line. Note the red horizontal line marking the Feb. low near 1055.

This level would have to be broken below to call gold's long term trend into question.


Gold Stocks

The precious metal stocks, as represented by the GDX index, had a good week, moving up 1.38% to 49.21. However, the GDX recently made a double top, and has been in a short term correction since, as depicted by its falling price channel on the chart below.

STO "appears" to be putting in a double bottom, which needs to be confirmed by MACD making a positive crossover. The histograms are receding back towards zero and MACD is starting to curl up, suggesting that a positive crossover could be coming soon.

Market Vectors Gold Miners

The weekly chart shows MACD making a negative crossover, which suggests further downside action.

So, the weekly and daily charts are at odds with one another. It remains to be seen how it plays out.

If diagonal trend line support is broken below, the next target would be around 45, marked by the blue horizontal support line;and further below at the 38% Fib retracement level near 41, highlighted in yellow.

Market Vectors Gold Miners 2

Good Luck. Good Trading. Good Health. And that's a Wrap.


Come Visit Our Website: Honest Money Gold & Silver Report
New Book Now Available - Honest Money

 

Back to homepage

Leave a comment

Leave a comment