Tuesday, 11 November 2014

Peter Brandt on Gold - Dollar - Copper and Silver

Brandt Updates his masterly overview of gold from the 1970's to present - HERE

And discusses gold breaking down - HERE   (JGMS-Miners 'should' be ahead of the metal ?)
This pattern has a target near $970. I believe that the last of the Gold-bugs will finally throw in the towel if the market has a wash out of $1,000. While as a trader I am interested in the short side of Gold futures, as an investor I want to accumulate physical Gold on this final leg of the bear trend that started at the September 2011 high. A decisive close above 1210 on the daily chart would place the descending triangle interpretation into doubt. A decisive close above 1260 would indicate that Gold has bottomed.
Also discussing potentially extremely bearish patterns for the Euro, and hence extremely bullish US Dollar - HERE 
Yet, history tells a far different story than a range-bound Euro. The chart below shows the Euro dating back to the early 1970s (note – the chart is adjusted to use the D-Mark as a proxy for the Euro prior to 1999.) As this chart shows, the Euro is far from oversold. The decline from 1.4000 since May is not particularly spectacular from historic measures. However, a decline to 90 cents would be something special........ Remember, charts represent possibilities, not probabilities and definitely not predictions

Patterns indicating Copper collapse to $2.22 - HERE
Support has been uncovered at and just below the $3.00 level repeatedly since 2011. However, each successive price recovery has been weaker and weaker. A decisive close below 2.92 and then 2.87 would complete this chart pattern and establish a price target of 2.22. Only well funded traders should engage this market. The Copper market is known for high volatility.

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