Oil Price Up, So Does Silver & Gold.
Another bullish day for commodities! Way to go! BUT... unfortunately, I wasn't in the market this time. Due to my ignorant foolish mistake ( I shall not mention why, use your imagination.) , I didn't observe the market as I should and I missed the entry. So I missed this amazing opportunity to make another few extra bucks.
Oil prices has finally reached USD 60 per barrel due to the cold weather in the Eastern states of US and speculations that rebounding commodity prices and higher energy costs will boost the appeal of the precious metal as an inflation hedge.
Guess what? It's the Indian's wedding season! According to the norms of Indian wedding ceremony, the bride's family would send and deliver dowries (also known as trousseau) which consists of money and gold. We're talking about largest gold importer in 2006 (I'm not sure about 2007), and trust me, Indians know their jewelery better than anyone else.
The spur in oil and gold has caused silver to reached a high since November 2006. I see another opportunity of possibility silver reaching 14.1000 before the end of February.
After studying the daily and hourly graph, I've currently placed trades at silver at various prices, some are taken... some are still waiting on the line.
Trades Taken
490 units of silver @ 13.7000
470 units of silver @ 13.5950
Trades Waiting
500 units of silver @ 13.4100
I'm studying the wave patterns and fundamentals of silver for the next coming weeks, and I see the direction is going upwards and cooler weather in US is likely to continue for the next coming few weeks and we're not gonna see any warmer weather anytime soon. Heating fuel supplies from inventories are growing smaller and I'm expecting that the demand for heating fuel will increase over time.
Plus, OPEC or also known as The Organization of Petroleum Exporting Countries pledged to trim production by 1.2 million barrels a day starting in November, and by another 500,000 barrels a day starting Feb. 1. The group wanted to bolster prices that had plunged from a record of $78.40 a barrel in New York on July 14. Oil price will be up, up, up and up. If it's going down for a day or 2 doesn't mean bearish sign. It's retracement and consolidating before moving upwards again.
Happy Trading!
Oil prices has finally reached USD 60 per barrel due to the cold weather in the Eastern states of US and speculations that rebounding commodity prices and higher energy costs will boost the appeal of the precious metal as an inflation hedge.
Guess what? It's the Indian's wedding season! According to the norms of Indian wedding ceremony, the bride's family would send and deliver dowries (also known as trousseau) which consists of money and gold. We're talking about largest gold importer in 2006 (I'm not sure about 2007), and trust me, Indians know their jewelery better than anyone else.
The spur in oil and gold has caused silver to reached a high since November 2006. I see another opportunity of possibility silver reaching 14.1000 before the end of February.
After studying the daily and hourly graph, I've currently placed trades at silver at various prices, some are taken... some are still waiting on the line.
Trades Taken
490 units of silver @ 13.7000
470 units of silver @ 13.5950
Trades Waiting
500 units of silver @ 13.4100
I'm studying the wave patterns and fundamentals of silver for the next coming weeks, and I see the direction is going upwards and cooler weather in US is likely to continue for the next coming few weeks and we're not gonna see any warmer weather anytime soon. Heating fuel supplies from inventories are growing smaller and I'm expecting that the demand for heating fuel will increase over time.
Plus, OPEC or also known as The Organization of Petroleum Exporting Countries pledged to trim production by 1.2 million barrels a day starting in November, and by another 500,000 barrels a day starting Feb. 1. The group wanted to bolster prices that had plunged from a record of $78.40 a barrel in New York on July 14. Oil price will be up, up, up and up. If it's going down for a day or 2 doesn't mean bearish sign. It's retracement and consolidating before moving upwards again.
Happy Trading!
Labels: commodity, currency discussion, economic discussion, forex discussion, gold, strategy, US economy, XAU/USD
posted by 4xTrader at
11:31 AM
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