Gold and silver are oversold... time to buy?

Adam's UpdateGood afternoon and thanks for stopping by for the 1PM Afternoon Update.

Hello traders everywhere!

Adam Hewison here, co-founder of MarketClub, with your 1 p.m. market update for Tuesday, the 14th of June.

Okay, here's what's happening right now in the major markets ...

SP 500: -60. This market remains in a broad trading range with resistance coming in beginning at 1296 and 1305 and finally 1315 which represents a 62% Fibonacci retracement. Major downside support is at 1250.

Silver:-60. Currently this market is oversold, however it is in the state of flux with no clear trend. Using the Donchian Channels and the fact that this market is oversold, expect to see a bounce from current levels. Major Support at $34.00.

Gold: +55. Gold is currently oversold and we expect to see some further sideways action or a move to improve levels. The Donchian channel comes in at 1503. Major support at $1,500.

Crude Oil: -60 Trading range. Long term indicator remains positive. Support coming into this market at $96 a barrel. Market is currently oversold. Choppy market.

The Dollar Index: -85. The longer term and mid-term Trade Triangles remain in a negative position. Resistance now at 75.00 and 76.50. Minor support at 73.50. Major support at 73.00.

The Thomson Reuters/Jefferies CRB Commodity Index: +55. Near-term resistance at 350.00. Minor support at 340. Major support at 335.00. Trading range.

Yesterday we showed you how to find winning trades using our Trade Triangle Technology. The market we found yesterday, Fairchild Semiconductor ( NYSE_FCS ) is higher today, however it is still in a negative zone.

Let's see what else we can find using MarketClub's Trade Triangle technology.

Every success,

Adam Hewison
President of
Co-founder of MarketClub

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6 thoughts on “Gold and silver are oversold... time to buy?

  1. The People's Bank of China (PBOC), the central bank, announced today that it will issue more gold and silver commemorative coins featuring the giant pandas to meet soaring demands for precious metals!

  2. I am sorry we now need to register to see your wonderful videos. Last time I registered for your site, I got calls at all hours of the day by a options service and they would not take no for an answer! I don't want to go through that again, so I will miss your great take on the Markets.

  3. If you look at what the Gold price has done for the last couple of years, you will notice that it reaches a peak every 6 months or so then falls for a month or two. One month above the 50 day SMA then another month underneath the 50 day SMA. These are approximate values but take a look for yourself. You can back it up by looking at the MACD and the RSI for XAU/USD and compare it to the last peaks to find the right time to buy.

  4. These 1 PM Updates are very well done, but they come in to my emailbax so late in the day and early evenings. Can they be sent out earlier?
    Thanks for doing an excellent job.

  5. ..Gold prices are testing a critical support price at the 1 170 level which would be a key make-or-break level between bulls and bears. .So far we re supporting off that level so let s see that Line in the Sand on the daily chart of gold futures .....

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