Gold Market UpdateThe reaction back by gold over the past month was preceded by an explosion in Commercial short and Large Spec long positions. On goldís 6-month chart we can see that this reaction has been quite deep, and that it has taken the price back down below the neckline of a potential Head-and-Shoulders bottom pattern, where it should have found support and turned up again. The fact that it didnít is a negative development, that opens up the risk of a retreat back to the vicinity of the lows, although as it is short-term oversold here and on a support level, it could bounce first, then head lower. Moving averages are in a potentially strongly bearish configuration on a medium-term basis, as the 50-day is rolling over beneath a still falling 200-day...
Posted at 5.45 pm EST 22nd February 15
Silver Market UpdateFollowing the recent explosion in Commercial short and Large Spec long positions in silver, followed by a breakdown below the neckline of a potential Head-and-Shoulders bottom, the outlook for silver is bearish, with the metal stuck in a stubborn downtrend...
Posted at 7.00 am EST on 23rd February 15.
Oil Market UpdateThe oil market is one of the most interesting in the world and certainly one of the most important. Right now there are two major opposing forces determining the supply/demand balance. One is the massive glut resulting from increased production and oversupply, exacerbated by deflationary depression in various markets, and the other is the elimination or partial elimination of supply from countries like Iraq and Libya whose economies have been wrecked by war and an ensuing state of anarchy, a problem that could get worse with the Islamic State on the rampage in the Mid-East and N Africa.
Posted at 4.00 pm EST on 23rd February 15.
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