Quote

Aden Forecast "The gold price jumped up this week from last Friday's 12-week low"

ReportGold
Date02/03/2010
Loaded Date02/04/2010
TitleCorrections Near an End?
Quote"The gold price jumped up this week from last Friday's 12-week low. Gold is now stable if it can stay above $1,109, but the sluggish silver price, together with the weaker copper price tells us to be cautious as the D decline is still underway. Keep an eye on $1,083 and $1,150; whichever way gold breaks will tell us the next trend direction. If gold closes and stays below $1083, the D decline could push gold down to its next support level at $1,060. The major uptrend support is at $970.

Platinum and palladium are very strong, in spite of last week's decline. Both are strong above $1460 and $385, respectively. They could still be leading the way up for gold while the weaker base metals take a break. Silver is clearly weak below $17.20 and a close below $16.20 means it could decline further to possibly test its major uptrend now at $14.60.

Copper fell to a 12-week low today, clearly closing below its 15-week moving average for the first time since the rise began a year ago. It's now vulnerable to a further decline by staying below $3.15. The major trend, however, is up. Overall, copper and the base metals are declining in a normal downward correction following the past year's great rise. This is putting downward pressure on silver. . .and perhaps it will spill over to gold since gold's tendency is to decline now.

Gold shares, as judged by the HUI index are essentially holding above their October lows. Let's see if the index can now stay above 375, last Friday's low."