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Gold Breaks Above Key Technical Level For First Time In Over A Year

Tyler Durden's picture





 

Spot gold prices are now up over 10% from the 2013 closing lows. At $1,304.75, gold is at 3-month highs and has crossed above the critical 200-day-moving average for the first time in over a year. Other precious metals are on the rise with Palladium up for the 8th day in a row (the longest streak since July), Platinum up 6 days in a row (long since July) and Silver up 10 days in a row breaking $20.50.

 

 

Charts: Bloomberg

 


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Thu, 02/13/2014 - 21:26 | Link to Comment TahoeBilly2012
TahoeBilly2012's picture

Moving right now!

Thu, 02/13/2014 - 21:32 | Link to Comment AllThatGlitters
AllThatGlitters's picture

Nice. Silver just took off like a bat out of hell:

Live Silver Chart:  http://www.pmbull.com/silver-price/

 

Thu, 02/13/2014 - 21:40 | Link to Comment Soul Glow
Soul Glow's picture

Buy silver!

Thu, 02/13/2014 - 21:46 | Link to Comment philipat
philipat's picture

$20.60 was a major technical level for Ag and, as of now, it is at $20.83. Off to the races?

Thu, 02/13/2014 - 21:50 | Link to Comment Soul Glow
Soul Glow's picture

SLV down after hours [cough cough].

Blythe is still doing dirty laundry, I guess.

Thu, 02/13/2014 - 22:17 | Link to Comment Crash Overide
Crash Overide's picture

You guys all know the price is fixed right? lol

Don't matter what the numbers say, the only thing that matters is how much you have in your possession. Just saying...

Thu, 02/13/2014 - 22:29 | Link to Comment Soul Glow
Soul Glow's picture

The price doesn't matter....

....until it does.

Thu, 02/13/2014 - 23:54 | Link to Comment SuperRay
SuperRay's picture

And it will.  

Fri, 02/14/2014 - 01:09 | Link to Comment TheCanadianAustrian
TheCanadianAustrian's picture

Three years ago, if someone told me silver would be at $21 today, I would think they were a troll.

Fri, 02/14/2014 - 01:50 | Link to Comment James_Cole
James_Cole's picture

Three years ago, if someone told me silver would be at $21 today, I would think they were a troll.

I sure got a lot of that one year ago. 

Fri, 02/14/2014 - 04:41 | Link to Comment Gief Gold Plox
Gief Gold Plox's picture

Technicals mean nothing. It's gonna go the way BIS et al. decide it should go.... until one day all the phys is either in India, China or lost due to rather unfortunate and inexplicably numerous boating accidents by Zerohedge readership.

Fri, 02/14/2014 - 08:39 | Link to Comment kralizec
kralizec's picture

All I know is I felt something move and I kinda liked it.

Fri, 02/14/2014 - 05:26 | Link to Comment johnnyarrowmaker
johnnyarrowmaker's picture

If you're looking at this after 9am gmt, it looks like there may have been a small downturn, then an explosion upwards - perhaps Blythe is now running us up??

Thu, 02/13/2014 - 21:47 | Link to Comment Being Free
Being Free's picture

Saw that.  Nice move.  Someday $30 will look cheap.

Stack-on.

Thu, 02/13/2014 - 21:58 | Link to Comment greatbeard
greatbeard's picture

>> Someday $30 will look cheap.

Looked cheap to me at $30 awhile back, so I loaded up.  $30 looks like a long ways up now.

Thu, 02/13/2014 - 22:09 | Link to Comment Soul Glow
Soul Glow's picture

What is the value of a dollar?

Answer that and then we can talk about the value of silver.

Thu, 02/13/2014 - 23:02 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Gold at $2000 is cheap.  Silver at $30 is cheap too.  

Patience everyone.

Fri, 02/14/2014 - 03:42 | Link to Comment JustUsChickensHere
JustUsChickensHere's picture

+100

Fri, 02/14/2014 - 09:27 | Link to Comment N2OJoe
N2OJoe's picture

Well according to an old, irrelevant document, a dollar must be 1oz of AG.

Good thing we don't listen to laws or dusty old documents though, or our overlords might not bestow upon us the latest iCrap or McPoison to consume.

Thu, 02/13/2014 - 22:17 | Link to Comment Shrapnel
Shrapnel's picture

Hold Fast.

Thu, 02/13/2014 - 23:02 | Link to Comment midtowng
midtowng's picture

Smackdown in 3...2...1

Thu, 02/13/2014 - 21:27 | Link to Comment manofthenorth
manofthenorth's picture

Silver just went VERTCAL UP . I sure like Silver to win in the 1st.

Thu, 02/13/2014 - 21:31 | Link to Comment gdogus erectus
gdogus erectus's picture

Don't look now but silver's getting wood.

Thu, 02/13/2014 - 21:42 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

ought to be. For 1305 gold silver should be 21.5226

That's ln(21.5226) = 1305.38 x 3 / 2635 + 19/12 to the trend, http://flic.kr/p/f17z1s

Thu, 02/13/2014 - 22:02 | Link to Comment manofthenorth
manofthenorth's picture

I am going to really miss getting 60+ ounces of Silver for an ounce of my Gold. It would not hurt my feeling if that continued for as long as I can produce Gold. I tell my Gold mining buddies that one day Silver will be worth as much as Gold and they all look at me like I am crazy. Time will tell.

Thu, 02/13/2014 - 21:32 | Link to Comment FieldingMellish
FieldingMellish's picture

So is this H2 2012 or Jan 2009?

Thu, 02/13/2014 - 21:39 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

2009, log-scale compress the dates on the 10 year chart, take a look.

repeat on gold, then exponential on silver for gold. http://flic.kr/p/f5bHkJ

Thu, 02/13/2014 - 21:35 | Link to Comment Cacete de Ouro
Cacete de Ouro's picture

Gold and Silver up?

Deutsche Bank leaving the London gold and silver market fixings sure must have thrown the other fixers into disarray. Or else the phones are down:

London Gold Market Fixing Limited

Directors
Francois Combes - Societe Generale
Matthew Keen - Deutsche Bank
David Rose - HSBC
Martyn Whitehead - Barclays
Simon Weeks - Scotia Mocatta

Alternate Directors
Vincent Domien - Societe Generale (Current chairman of the Gold Fixing)
James Vorley - Deutsche Bank
Steven Lowe - Scotia Mocatta
Peter Drabwell - HSBC
Jonathan Spall - Barclays

London Silver Market Fixing Limited

Directors
Matthew Keen - Deutsche Bank
David Rose - HSBC
Simon Weeks - Scotia Mocatta (Current chairman of the Silver fixing)

Alternate Directors
James Vorley - Deutsche Bank
Peter Drabwell - HSBC
David Wilkinson - Scotia Mocatta

Thu, 02/13/2014 - 21:50 | Link to Comment Soul Glow
Soul Glow's picture

Crash those fuckers!

Buy silver!!

Thu, 02/13/2014 - 22:22 | Link to Comment Shrapnel
Shrapnel's picture
  • 11 lengths of rope, 11 suitable lamp posts.
Thu, 02/13/2014 - 23:57 | Link to Comment SuperRay
SuperRay's picture

Taking bets on how many days before the next banker 'suicide' is reported, sans details of course...

Fri, 02/14/2014 - 06:51 | Link to Comment olenumbersix
olenumbersix's picture

ok I'm in, but first not sure the last four suiciders didn't have help. Nail gun, a banker ?  o come on! Jumped off the roof how did that work  " one, two, threeeeee"  suicide my ass.  3/1/14 with a candle stick in the study. and no helping them to their reward to improve your score.

Fri, 02/14/2014 - 00:35 | Link to Comment TahoeBilly2012
TahoeBilly2012's picture

Bridges work better and with the Internet, raise the drama level to 11!

Thu, 02/13/2014 - 21:36 | Link to Comment Silver Garbage Man
Silver Garbage Man's picture

Remember, we stackers have been abused for over 2 years.....it's our time to shine.

Thu, 02/13/2014 - 21:46 | Link to Comment fijisailor
fijisailor's picture

I hear ya but this has nothing to do with justice.

Thu, 02/13/2014 - 23:58 | Link to Comment SuperRay
SuperRay's picture

It has everything to do with truth, and therefore, yes it has plenty to do with justice...

Fri, 02/14/2014 - 02:12 | Link to Comment fijisailor
fijisailor's picture

So truth and justice float on a sea of paper?  What do you think is driving the price up, physical demand or the buying of long contracts?  How committed are longs to taking delivery?  Are these strong hands when the herd starts running for the exit?  GLD is up 8% YTD and gold is up about the same YTD.  The leverage in GLD is 50/1 or 100/1 or some ridiculous number  What controls the market do you think?

Thu, 02/13/2014 - 21:38 | Link to Comment Soul Glow
Soul Glow's picture

I was 13 days off, but in the start of the year I called for $1300 by the end of January.  The trend will continue.  Look for $1450 to be taken out by the solstice.

Thu, 02/13/2014 - 21:50 | Link to Comment fijisailor
fijisailor's picture

So where and when's the top?

Thu, 02/13/2014 - 21:52 | Link to Comment Soul Glow
Soul Glow's picture

Jim Rogers says $250, Kreiger does too.  Faber says the dollar is worthless and to be your own bank.  Celente says the dollar isn't worth the paper it's printed on.  

My prediction?  The top will come in at $25k for gold and $2k for silver.

This will not happen for about 5 years and could take ten, but that's what I think.

Thu, 02/13/2014 - 22:06 | Link to Comment fijisailor
fijisailor's picture

Jim Rogers might turn out right for paper contracts.  Otherwise I've heard his opinions on India and he's way off there.  He thinks the gov will get their hands on the temple gold.  Faber seems more realistic though.  Your prediction sounds reasonable considering the extreme market intervention we've had.

Thu, 02/13/2014 - 22:11 | Link to Comment Soul Glow
Soul Glow's picture

Thanks.

Who the fuck is junking me?

This is Fight Club, so go ahead, tell me something I don't know.

Thu, 02/13/2014 - 23:00 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Banksters are junkin' ya Soul Glow.

I might add: Buy Palladium!

Fri, 02/14/2014 - 00:00 | Link to Comment SuperRay
SuperRay's picture

Dude, when gold is at that level, there will be chaos like you can't imagine. Gold will become a barometer of social instability.  they will be highly correlated.  Better learn self-defense, electricity, plumbing and perimeter integrity...

Thu, 02/13/2014 - 21:50 | Link to Comment theliberalliberal
theliberalliberal's picture

just send us an X-class solar flare mr glow and we can stop with the waiting

Thu, 02/13/2014 - 21:53 | Link to Comment Soul Glow
Soul Glow's picture

You know, I think the monied elite have wished that would happen so they could blame the sun instead of watching economics - the science of - crumble in their faces.

Thu, 02/13/2014 - 21:41 | Link to Comment blacktusk
blacktusk's picture

What collapsed that we dont know about yet??

Thu, 02/13/2014 - 21:51 | Link to Comment The_Ungrateful_Yid
The_Ungrateful_Yid's picture

I was about to say. Something big is on the horizon for sure and ain't the sun.

Thu, 02/13/2014 - 21:55 | Link to Comment Soul Glow
Soul Glow's picture

Emerging markets are collapsing all over the globe.  

The 1st world is being floated on paper, and guess what, paper don't float.

Thu, 02/13/2014 - 21:57 | Link to Comment blacktusk
blacktusk's picture

The sudden ramp tonight is not the usual. This sort of ramp usually happens at the NY open, follwed by a fall back slightly above the start. Not typical lately anyway

Thu, 02/13/2014 - 22:08 | Link to Comment blacktusk
blacktusk's picture

Why the hell did that get a down vote??

Thu, 02/13/2014 - 22:12 | Link to Comment Soul Glow
Soul Glow's picture

Trolls!

Show yourselves!!

Thu, 02/13/2014 - 23:55 | Link to Comment superflex
superflex's picture

They're skeered.

Keep on preaching Soul Brother

Thu, 02/13/2014 - 22:13 | Link to Comment mt paul
mt paul's picture

buy metal asia open

sell LON open

 

easy money..

Thu, 02/13/2014 - 22:02 | Link to Comment seek
seek's picture

The Fed.

We'll probably find out about a chinese or german bank first, though.

Fri, 02/14/2014 - 00:37 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Uber-bear Jim Willie says it might be Deutsche Bank that goes first among the big Western banks.  

Chinese banks?  I would not have any idea...

Thu, 02/13/2014 - 21:43 | Link to Comment TahoeBilly2012
TahoeBilly2012's picture

Maybe some towers somewhere?

Sat, 02/15/2014 - 15:39 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

for those who like paper, thanks to another poster for letting me know USLV does exist & is 3x long. In fact the math says 3.92x.

To the -1-tard: fuckyourself. This bitch is going to 1 MEEELYUN dollerrrrs for a spot price of 252 USD SILVER.

Math: USLV = silver 3.92 / 2591

silver: 20.38 , USLV  52.31

silver: 50.38 , USLV 1,817.12

silver: 80.38 , USLV 11,342.60

silver 150.00 , USLV 130,861.03

silver: 250.00 , USLV 969,298.23

fully eleven people so far have declared they are math-retards and can not understand how to use powers OR how more cash is better than LESS cash.

You people are going to inherit BITCOINS instead of gold from your relatives. Maybe you can buy some socks at overstock.com with 'em.

I'm gonna load up on these leveraged returns & buy food, silver, safe passage to another country & you can all kiss my ass.

Thu, 02/13/2014 - 21:46 | Link to Comment European American
European American's picture

" ...has crossed above the critical 200-day-moving average... " 

"Crossed", "Critical", "Average"? 20th Century jargon.

 

Let me know when it "crosses" $2K.

Thu, 02/13/2014 - 21:50 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

on trend if silver crosses 2k that matches with gold = 5,285.43

Thu, 02/13/2014 - 22:22 | Link to Comment Crash Overide
Crash Overide's picture

Does a 200 day moving average mean anything when fraud rules the "markets"?

Fri, 02/14/2014 - 00:02 | Link to Comment SuperRay
SuperRay's picture

it doesn't for equities. It does for gold..

Thu, 02/13/2014 - 21:50 | Link to Comment vincent
vincent's picture

The seasonal trade looms.

Traders are now searching for a place to start shorting.

A nice run is probabbly in the cards short term, but those who lever will get their face ripped off.

I hope I'm wrong

Thu, 02/13/2014 - 21:55 | Link to Comment SilverIsMoney
SilverIsMoney's picture

Hope you got Physical!! Hahahahahaha!!!!

Thu, 02/13/2014 - 21:59 | Link to Comment Soul Glow
Soul Glow's picture

Investing in paper silver and gold will work as a trade for a few years still, but yes, at the end of the day, their will be a margin call on physical.

Thu, 02/13/2014 - 21:57 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

Jan 16 is a large option expiration date.  Had to hold off all the people that bought LEAPS long ago.  Especially for the options on 2X and 3X vehicles.  Now those deals are gone.

Thu, 02/13/2014 - 22:00 | Link to Comment JohnnyBlaze
JohnnyBlaze's picture

We President now

Thu, 02/13/2014 - 22:10 | Link to Comment mt paul
mt paul's picture

prep the salvage barge

 

them zero hedgers

gonna be sinking boats

left and right...

Thu, 02/13/2014 - 22:06 | Link to Comment vincent
vincent's picture

The paper price still, and will continue to dictate what we pay for the physical.

That was my basic point.

We'll see 18xx again IMHO

Thu, 02/13/2014 - 22:33 | Link to Comment Soul Glow
Soul Glow's picture

So?  

Let the institutions suppress the price.  All that means is we get more.

Thu, 02/13/2014 - 23:28 | Link to Comment migra
migra's picture

Gold and silver are not going to make any significant gains when price manipulation continues unabated. Look for another haircut in the near future. 

Fri, 02/14/2014 - 00:03 | Link to Comment SuperRay
SuperRay's picture

Then buy more physical..

Thu, 02/13/2014 - 23:59 | Link to Comment Tall Tom
Tall Tom's picture

The Price of Gold will drop again below the 200mDA. But it will not achieve new relative lows...(It will stay priced at over $1180.)

 

Then, afterwards, the Price of Gold will soar and the Shorts will get slaughtered.

 

Think about the chart as an INVERSE Function. That is how you trade if you are taking a Short position in ANYTHING. There will be a Sucker's Bounce for the Shorts. (That means that there will be a dip for the Longs.)

 

Does TA work in Manipulated Markets? Yes it does.

 

The REASON that TA works in manipulated Markets is that most traders believe in TA. Thus it is a Self Fullfilling Prophecy caused by Mass Delusional Thinking..

 

Gold is not the ONLY MANIPULATED MARKET as ALL MARKETS ARE MANAGED AND MANIPULATED.

Fri, 02/14/2014 - 06:42 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

The reason technical analysis works in all markets is even in manipulated markets it exposes the manner & timing of manipulation.

Now here's the kicler: THIS is technical analysis:

e (gold x 3 / 2635 + 1.547) = silver

silver 3.92 / 2591 = USLV

silver 2 / 6.02 = AGQ

as is this: http://flic.kr/p/f17z1s and this http://flic.kr/p/iwHcZZ and this http://flic.kr/p/f5bHkJ

and most certainly this http://youtu.be/sxbdKOKDaOU

without question these things are NOT TECHNICAL ANALYSIS at all, but are bullshit put to pictures or words explaining NOTHING with NO MATH, NO BACKTESTING, utterly devoid of fact

  • head and shoulders
  • cup and handle
  • elliot waves
  • moving averages (especially unspecified as to exponential or linear weighted)
  • double/triple top/bottom
  • linear lines, especially zero slope, applied to CURVED charts

That's the facts. If you are angered by seeing this, you are a math retard.

FOR EXAMPLE, this is TECHNICAL analysis:

SILVER at 262 spot USD : 262 3.92 / 2591 = 1,164,859.78 $ USD USLV 3x long ETF

thems the facts.

Fri, 02/14/2014 - 00:46 | Link to Comment devo
devo's picture

Nobody knows what's going to happen. All we know is dollars suck and stocks/homes are overpriced.

Fri, 02/14/2014 - 01:08 | Link to Comment Angus McHugepenis
Angus McHugepenis's picture

Devo: All I know is the silver I bought 3-4 months ago is now 10% higher based on exchange rates + dealer premiums.

Fri, 02/14/2014 - 00:48 | Link to Comment devo
devo's picture

Bull markets are born on pessimism, grown on scepticism, mature on optimism and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell. - John Templeton 

I think we're in the phase right between born on pessimism and growing on scepticism.

Fri, 02/14/2014 - 03:34 | Link to Comment manofthenorth
manofthenorth's picture

$1,310 and $20.86 .....knock-knock-knockin' on hevens door !!

Fri, 02/14/2014 - 07:41 | Link to Comment fijisailor
fijisailor's picture

I sure liked that double bottom back in December.  It was a no brainer buying opportunity and I miss it.  Balloon head Yellen will be forced into QE again and the price of PMs will drop again when she does.  I know that seems counter intuitive but that's the correlation since QE3 started.

Fri, 02/14/2014 - 07:38 | Link to Comment fijisailor
fijisailor's picture

Tylers please go to Nanex and tell us how many times velocity circuit breakers have tried to stop this incredible rally in PMs.

Fri, 02/14/2014 - 07:46 | Link to Comment GrinandBearit
GrinandBearit's picture

And Bitcoin getting hammered down to $310  http://bitcoin.clarkmoody.com/widget/chart/

Take that Phonestar 

LMAO!

Fri, 02/14/2014 - 08:27 | Link to Comment Sufiy
Sufiy's picture


Gold Breaks 1,320: The Mother Of Short Squeeze Has Arrived

Gold is sending its Happy Valentines to all Gold Bugs today and breaks $1320 on the massive short squeeze. Gold shorts will have their Blood Friday now. Our short Squeeze watch includes McEwen Mining and TNR Gold. McEwen Mining had 26.8 million shares sold short or 8.6 days to cover, according to NASDAQ. MUX.to has rocketed from December low of CAD1.80 to CAD3.27 close yesterday. Gold breakout will push shorts into the corner, but explosive move in Silver will have even more effect on this company. TNR Gold is still day dreaming, but move in McEwen Mining should pull out this junior out of its misery. Los Azules Copper development will be next to watch on the back of recent M&A activity in the sector and CRB - commodity index breakout to the upside.

 

http://sufiy.blogspot.co.uk/2014/02/gold-breaks-1320-mother-of-short.htm...

Fri, 02/14/2014 - 08:49 | Link to Comment kragsquest
kragsquest's picture

Here we go again, maybe this time around the rally will be sustained!  Count on the plunge protection team and the gold and silver market manipulators to try to pour water on the flames!

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