• 203 days Could Crypto Overtake Traditional Investment?
  • 208 days Americans Still Quitting Jobs At Record Pace
  • 210 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 213 days Is The Dollar Too Strong?
  • 213 days Big Tech Disappoints Investors on Earnings Calls
  • 214 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 216 days China Is Quietly Trying To Distance Itself From Russia
  • 216 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 220 days Crypto Investors Won Big In 2021
  • 220 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 221 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 223 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 224 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 227 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 228 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 228 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 230 days Are NFTs About To Take Over Gaming?
  • 231 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 234 days What’s Causing Inflation In The United States?
  • 235 days Intel Joins Russian Exodus as Chip Shortage Digs In
  1. Home
  2. Markets
  3. Other

Market Wrap

Market Wrap

Week Ending 2/23/06

This week's market wrap will be shorter then usual, as we are on vacation. Next week the full market wrap will return.

The following will focus mainly on the precious metal's markets, which made nine-month highs this past week.

The first chart below is the daily chart of gold. The chart is self-explanatory.

Next is the weekly chart of gold.

The monthly chart also shows good action with positive divergences.

Next up is silver. Silver has been the strongest of the precious metal's market, out performing both gold and the gold and silver stock indexes.

Below are the daily, weekly, and monthly charts of the HUI Index, which shows the index bumping into overhead resistance and supply. The charts are self-explanatory.

Next up is the XAU Index, followed by the GDX Index. Both show overhead resistance is being encountered.

Up next is the CCI Commodity Index. This is an equal weighted index, which gives a much truer reading on the performance of commodities then the CRB Index.

Below is the chart of West Texas Crude, which has been rallying nicely, however, as the chart indicates, the rally has so far been nothing more than a counter-trend rally of the recent break below its long term trend.

The chart of the US Dollar remains the poorest looking of all charts. It has been and still is within a horrendous bear market. Its recent rally was nothing more than a counter-trend bear market rally.

The precious metal's markets are performing quite strongly. The Hui Gold Stock Index is getting very close to breaking out above strong overhead resistance. When the resistance becomes support, the Hui will be entering a new phase of its bull market.

We look for prices of 370-400 within the next few weeks for the Hui Index. There may or may not be short-term weakness before such occurs.

Presently we are long both gold and silver stocks, and will be adding to positions on any weakness. See the gold stock portfolio for full details of all positions.

Stop by our website and check out the complete market wrap, which covers most major markets. There is also a lot of information on gold and silver, not only from an investment point of view, but also from its position as being the mandated monetary system of our Constitution - Silver and Gold Coins as in Honest Weights and Measures.

There is also a live bulletin board where you can discuss the markets with people from around the world, and many other resources too numerous to list. Our gold stock portfolio where all trades in our own account is in the public domain for viewing is also available. Drop by and check it out.

Good luck. Good trading. Good health. And that's a wrap.


Come visit our new website: Honest Money Gold & Silver Report
And read the Open Letter to Congress

 

Back to homepage

Leave a comment

Leave a comment