Pass -Chartewel Comm. If you would like to print this article, click here . The market was simply due to correct as it was oversold. The greenback is soaring to 15 year highs against the Pound and new highs against the EC and the Bush administration appears to favor a strong dollar policy. This could keep gold bugs fumigated for some time.
Gold prices are now above averages but the long term trend is lower.
Is this rally one of those good selling opportunities we referenced the other day, I think it probably is. Keep in mind that there is risk of loss in all trading. After all was said and done silver closed out at 437 up 3.5 cents. With gold up there may be a bit of a delayed spillover rally in silver come Monday. Prices are below moving averages and indicators are bearish but oversold a bit.