John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Chip McVickar who wrote (18568)	1/13/2017 2:13:53 AM
From: John Pitera	4 Recommendations Read Replies (4) of 33421

Gold and Silver Update... GOLD is just below a cluster of 2 key Fibonacci retracement levels... look at how Gold is just under and getting resistance from the entire price actions from the 1971 low and the 1923.70 top in sept of 2011. that is hard core... Now looking at the 14 month daily chart see how we are just underneath the 50% Retracement level from the Dec 2015 low at 1045.40 and the high of 1377.50 on July 6th of 2016. talk about a cluster. On the 10 year weekly chart of Gold we have the RSI Moving average system in a solid sell and there was not a bullish momentum divergence when we made the last low at 1124.36 ... Looking at the one year Silver chart the Momentum since July has been on the sell offs especially since Oct. Silver is trading lower than the high it reached in early Dec... and so it's not showing aggressive upward leadership. It's just meandering upward.... so on balance all of this is tell me that Gold and silver should still have some time to spend in corrective non inspired directional mode. And looking at the 30 year Silver Monthly chart it was solidly beat down at the .382 retracement level I need to post my update on the USD as the Wyckoff work from the past 2 plus years is still firmly in control, and the USD looks to have a solid bid for it as it back towards the 100 level. John

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