Thursday, February 2, 2012

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..