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Trading Lessons

Gold and Silver Report – Several Interesting Charts

Commodities / Gold and Silver 2017 Oct 10, 2017 - 05:49 PM GMT

By: Peter_Degraaf

Commodities

The Gold Direction Indicator has just turned positive again, at 71%.

Featured is the daily gold chart. Price found support on Friday and produced an upside reversal. Then on Monday gold began to break out at the downtrendline. A close above the blue arrow will confirm the breakout with a target at $1360. The supporting indicators are positive, as well as the moving averages which are in positive alignment and rising. The Gold Direction Indicator closed at 71%.



Gold usually rallies after the Chinese ‘Golden Week’ holiday, (see charts courtesy Zerohedge.com). .



These five charts are courtesy Zerohedge.com. The first four show what happened to gold at the end of the Golden Week holiday in China (usually at the end of September, or beginning of October). Chart #5 appears ready to follow in the footsteps of the prior 4 charts.


This chart courtesy Goldchartsrus.com shows US money supply continues to rise. This sets the stage for a similar rise in the price of precious metals.



Featured is a chart that compares the gold mining index to the gold price. The trend favors mining stocks, and that is bullish for both stocks and bullion, but most of all for mining stocks. A new rally appears to be getting underway, as price is breaking out at the blue arrow.


This chart courtesy Goldchartsrus.com shows the amount of silver in ETFs and Trusts is increasing, after 2 months of declines.



Featured is the weekly SLV silver ETF chart. Price is breaking out at the downtrend line and the supporting indicators are positive. The target is 17.00. This target lines up with silver bullion at 18.50.

Peter Degraaf is NOT responsible for your trading decisions.  Please do your own due diligence. 

By Peter Degraaf

Peter Degraaf is an on-line stock trader with over 50 years of investing experience. He issues a weekend report on the markets for his many subscribers. For a sample issue send him an E-mail at itiswell@cogeco.net , or visit his website at www.pdegraaf.com where you will find many long-term charts, as well as an interesting collection of Worthwhile Quotes that make for fascinating reading.

© 2017 Copyright Peter Degraaf - All Rights Reserved

DISCLAIMER:Please do your own due diligence.  Investing involves taking risks.  I am not responsible for your investment decisions.

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© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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