fltraz22 Posted December 15, 2010 Report Share Posted December 15, 2010 Pitguru Daniel Cronin had analyzed the precious metal with some information that any metal trader will care about. I now let review the news. According to the review, precious metal markets market took a dive last week as profit taking occurred after Gold rallied up to new heights at $1,430 and Silver traded up to $3.70. The good news for Gold bugs and longs out there is that the yellow metal has now been consolidating at the $1,385-$1,390 level waiting for its next move higher above the $1,400 mark. Silver looks poised to get back to that $30 level again as well. It is very tough to buy into a falling market for the fear of trying to catch a falling knife, but he thinks this is when the best value prices are available. If one looked at the last leg down prices fell all the way to support at $1,320. The market has rebounded +$80 since then. In this market there is always some value buying going on in my opinion. "I try to use technical analysis to look for support to come up with a strategy on value buying on the dips and try to be in the right position for when futures prices rally. I think Gold will look to eclipse the $1,400 mark again this week" said Daniel. What do you think? Link to comment Share on other sites More sharing options...
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