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Gold Top May be Forming, Getting Too Darn Hot!

Commodities / Gold and Silver 2011 Jul 24, 2011 - 05:58 AM GMT

By: Merv_Burak

Commodities

It looks like a top forming in gold.  Caution ahead although the possible top is based upon very short term action so even if the top materializes it might not last long.


NO COMMENTARY TODAY

It’s just too darn hot to do any thinking so I’ll forgo the usual and just post the short term chart and Technical Table.  Long term readers of this commentary should be able to guess where we are and project what to expect.

Just one comment, I see that media commentators are highlighting the lack of “quality” gold stocks following the lead of gold itself.  The suggestion seems to be that the “quality:” gold stocks should be ready for a rally following that of the recent gold move.  As I have often mentioned in these commentaries, the stocks are very often leading not lagging indicators.  It just might be that gold will end its rally and follow the stocks into a listless market, but who knows?

SHORT TERM CHART

Well, that’s it for this week.  Comments are always welcome and should be addressed to mervburak@gmail.com.

By Merv Burak, CMT
Hudson Aero/Systems Inc.
Technical Information Group
for Merv's Precious Metals Central

For DAILY Uranium stock commentary and WEEKLY Uranium market update check out my new Technically Uranium with Merv blog at http://techuranium.blogspot.com .

During the day Merv practices his engineering profession as a Consulting Aerospace Engineer. Once the sun goes down and night descends upon the earth Merv dons his other hat as a Chartered Market Technician ( CMT ) and tries to decipher what's going on in the securities markets. As an underground surveyor in the gold mines of Canada 's Northwest Territories in his youth, Merv has a soft spot for the gold industry and has developed several Gold Indices reflecting different aspects of the industry. As a basically lazy individual Merv's driving focus is to KEEP IT SIMPLE .

To find out more about Merv's various Gold Indices and component stocks, please visit http://preciousmetalscentral.com . There you will find samples of the Indices and their component stocks plus other publications of interest to gold investors.

Before you invest, Always check your market timing with a Qualified Professional Market Technician

Merv Burak Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

DH
25 Jul 11, 00:13
Gold Top May be Forming

You constantly get the analysis of gold price movements wrong


SA
26 Jul 11, 04:27
Gold Top

Merv, Go look at the weekly chart for Gold dating back 10 years and then write the article again.....


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