UPDATE On SLV, GLD And USD
May 4th 2009 17:35
It appears that we have a breakout in Silver and the ETF SLV. SLV has broken out of a reverse head and shoulders bottom and looks like we are going to be testing the highs. The weekly chart is particularly exciting. It's breaking out of a flag formation, a continuation formation and the target would be back to the highs of $19 to $20. (See Chart).
The Gold RTF GLD is lagging silver, but the chart formation looks similar. GLD Needs to trade above 90 for a breakout to signal a test of its highs. (See Chart)
The USD looks toppy and may have made a small breakdown. The real test comes at the 200-dma and the last major low at around 82.63. (See Chart)
The Gold RTF GLD is lagging silver, but the chart formation looks similar. GLD Needs to trade above 90 for a breakout to signal a test of its highs. (See Chart)
The USD looks toppy and may have made a small breakdown. The real test comes at the 200-dma and the last major low at around 82.63. (See Chart)
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