Silver and Gold Over Extended? (GLD)
2/3/12 Update* Gold down 30 today.. SLV down 2.45% …. X price level of GC yesterday when GC looked a bit stretched. (1764). Currently 1729.80
|5 min GC|
Perhaps….. both have broken higher out of descending patterns… NFP tomorrow could send the ES into 1335 causing a drop in the dollar.. a surge in the euro over 1.32 (again) and some relenting in gold’s recent move.. perhaps a failure of the 118 level in TLT. Crude also tends to overshoot on the downside…
Overnight melt up into the number i think is a decent possibility. ON the flip side we just as easily could break down because volume is ridiculously low today.. lots of anticipation..
as for SLV and GC.. maybe 3% on the downside is reasonable soon..
|SLV – GC|