GOLD,SILVER & OIL FRIDAY, AUGUST 8, 2011 My first attempt at creating a PDF file, and there is a lot to improve on, including the charts, to be more clear and attractive, but anyways here goes,
Gold confirmed its breakout last week, and this week really took off. The last three days it has been bogged down with indecision, as some profit taking should be expected at the AB=CD Target. There are some traders who will short GOLD if it goes below 1640 and their stop loss will be at 1680, hoping to drive down GOLD to 1575ish.. if that happens see it as a buying opportunity.
SILVER Silver still has a big overhead, and that was full in effect the last two days, as some of the people still holding silver from higher prices decided to cash out. In general the trend is up, and even with the sell off, Silver still owns a higher high inside the trading range, all eyes now will be on whether it will be able to set a higher low, and go higher, on an attempt to match highs from earlier this year.
Finally OIL, The daily chart on oil was way to messy, so have to look at the weekly chart to get a clear picture. Oil looks poised to go lower.