Author Archive: Dan Norcini

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Gold, Silver And Miners Trending Lower Today

| May 27, 2014 | Category: Price
Gold, Silver And Miners Trending Lower Today

I can see the metal in a grinding move lower rather than a sharp fall as it slowly bleeds out speculative interest off the long side while meeting some increased physical buying from India and perhaps China. But as far as Western-oriented investment demand goes, that is not going to be there until investors believe that the bull market in equities is over or some fresh geopolitical event arises.

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US Fed Continues Tapering, Gold Down on Dollar Rally

| March 19, 2014 | Category: Price
US Fed Continues Tapering, Gold Down on Dollar Rally

The rally in the Dollar, along with higher interest rates resulted in a barrage of selling in gold as bulls rushed for the exits. The result was a clean break of the first level of chart support noted on the chart. The selling did not abate until gold reached the secondary support level noted. This level had better hold or gold is going to fall back closer to $1300.

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Gold And Silver In Trading Range But Aided By Commodity Sector

| February 5, 2014 | Category: Technicals
Gold And Silver In Trading Range But Aided By Commodity Sector

This emerging market issue has not really benefitted the US Dollar to the extent that some of us were expecting based on the recent past. If anything, the Yen has been the favored currency along with the Swiss Franc. While the Dollar has not been weak, it certainly has not been powering higher as it is wont to do during these crisis events. This has enabled gold to garner some inflows.

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Gold’s Heroic Price Performance From A Technical Perspective

| January 25, 2014 | Category: Technicals
Gold’s Heroic Price Performance From A Technical Perspective

Here is how I am looking at this right now – traders with a shorter time frame perspective should go with the flow on the daily but keep in their mind that the intermediate term chart shows a market with a BEARISH pattern. That means rallies are going to be viewed as SELLING opportunities until the weekly chart becomes positive. At that time, the mentality should change and dips should be bought.

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Gold Goes Below $1200

| December 30, 2013 | Category: Price
Gold Goes Below $1200

Gold is getting hammered down below the psychological support zone at $1200 as we move into the last day of trading before the advent of 2014. The break, coming in spite of a weaker Dollar, does not bode well for the fortunes of the metal to begin the New Year. The story remains the same – gold performed abysmally this past year as big speculators were chasing gains in the equity markets and yanking money out of gold and many other commodities in general. I see nothing on the near term horizon to suggest that this is going to change as we begin 2014.

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Gold Commitment Of Traders Report: 20 December 2013

| December 20, 2013 | Category: Technicals
Gold Commitment Of Traders Report: 20 December 2013

We have a source of data indicating a STEADY BUYING occurring by the large commercially-oriented players in the gold market so that their short positions are being covered even as they have moved to some LONG POSITIONS in the futures market so as to TAKE DELIVERY. All this is taking place against a backdrop of falling gold prices while the SPECULATIVE COMMUNITY, is selling.

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Excellent Analysis of Gold’s Trend

| November 24, 2013 | Category: Technicals
Excellent Analysis of Gold’s Trend

This is the reason I have been bearish on gold now for some time – the charts are indicating that bearish pressure is building in the market and is hinting at building across all three time frames. It is imperative for gold bulls that the price recovers strongly before the end of this year to prevent heading into the New Year with a strong bearish bias. What worries me about gold is that the hedge funds still remain NET LONG, even if that position has shrunk to relatively low levels. That means that there remains more than enough firepower to take this market lower if those remaining long positions have to be jettisoned in the event of a breach of downside chart support.

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Velocity of Money At Decade Low Could Explain Falling Gold Price

Velocity of Money At Decade Low Could Explain Falling Gold Price

The current monetary system, with the US Dollar as the Reserve currency is fatally wounded but what is there realistically to replace it at this point? Answer – nothing! From the standpoint of gold, this helps explain why the metal keeps sinking lower. With the US Dollar not falling apart, the urgency to own the metal is subsiding among Western-based investors.

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Gold Finds a Few Friends near $1300

| September 24, 2013 | Category: Price
Gold Finds a Few Friends near $1300

Technically, market remains range bound between an overhead resistance zone noted on the chart and a support zone beneath the market which extends to psychological support at round number $1300 and to just below that level which is where the market bounced early in the session last Wednesday when the FOMC statement was released. For gold to have a chance at moving higher now, it will need to take out that $1332 level. Whether it is setting up a large range trade between $1375 and $1305 or so remains to be seen. If it is repelled by $1332 – $1330, it will be seen as a strongly bearish reaction. The bulls bought themselves a bit of time today but they have a lot of work to attract some fresh converts to their cause.

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Dan Norcini About Today’s Gold & Silver Price Drop

| September 20, 2013 | Category: Price
Dan Norcini About Today’s Gold & Silver Price Drop

In short, we are pretty much back to where we were prior to the FOMC. This morning Fed governor Bullard managed to do what many in the Fed have been doing since May of this year, namely, jawboning the markets and setting them up for another possibility of tapering later this year. What has it been, 2 days since we got that FOMC press release and here we already are talking about starting the Tapering once again. Good grief!

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Today’s Fed Meeting – Stocks, Bonds & Gold Loved It. Dollar Hated It.

| September 18, 2013 | Category: Price
Today’s Fed Meeting – Stocks, Bonds & Gold Loved It. Dollar Hated It.

In regards to gold, it is scooting higher as a large number of shorts were forced out with today’s surprise move by the Fed. It did take out that overhead resistance at $1330 which is a positive and is also now trading above $1350, another resistance level. There is $1360 which I am watching right above where it is currently trading to see how it handles that.

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Gold & Silver Needs A Breakout On The Technical Price Charts

| September 10, 2013 | Category: Trading

Gold, after looking like it was going to try to push through $1400, swiftly succumbed to selling pressure in spite of the strength in the Euro. It sure does seem as if that “14” handle is proving to be difficult for the metal to hold right now. Same goes for silver in the sense that maintaining itself above the $24 level for any length of time is also elusive.

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Syria News Sends Gold and Safe Haven Treasuries Higher

| August 27, 2013 | Category: Price
Syria News Sends Gold and Safe Haven Treasuries Higher

Here we are talking about a nation that is running over $17 TRILLION in its national debt and there are those who are dense enough that they want to own more US Debt as a SAFE HAVEN. Gold has run into some pretty good selling at the highs made back in late May/early June after putting in some sizeable gains since Thursday of last week. Working against further gains in today’s session is the weakness in the mining shares.

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Gold Sets Back Again From $1340

| August 14, 2013 | Category: Price
Gold Sets Back Again From $1340

It was a trifecta plus ONE against gold in the latest trading session. At some point the supply/demand equilibrium becomes unbalanced and price needs to rise to adjust it. For the shorter=term oriented traders – gold is knocking on the door at the very top of the range but still has not forced it open.

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