There was some more profit-taking pressure and chart consolidation after prices on Wednesday hit a 6.5-month high.
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Both gold and silver are seeing some mild profit-taking pressure and some chart consolidation following recent solid gains that have seen prices hit multi-month highs.
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If there is strong selling pressure on Friday, more serious chart damage could be inflicted.
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The near-term technical posture of the gold market has weakened, and that also prompted some fresh chart-related selling pressure Monday.
But the immediate effect of the change in the law has been to stoke worries that inflation will take off, putting pressure on the peso (see chart).
The market saw some profit-taking pressure and did some consolidating on the chart after recent price gains.
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Two technical analysts, Adam Hewison, president and chief strategist with INO and MarketClub.com and Darin Newsom, Telvent DTN senior analyst, both said gold has run into short-term technical chart resistance which could put pressure on prices.
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If there is good follow-through selling pressure on Thursday or Friday, more serious chart damage would then be inflicted.
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The silver bulls still have the slight overall near-term technical advantage, but did fade again Monday and do not want to see follow-through selling pressure on Tuesday that would produce some fresh chart damage.
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However, follow-through selling pressure on Thursday would produce significant near-term chart damage.
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If the U.S. stock indexes push and close below very strong technical support levels at their August lows, then that would produce serious chart damage to the stock indexes and suggest more downside pressure for them in the near term.
The doubts swirling over the economic recovery have also put additional pressure on crude oil prices, as evidenced by the recent failure to overcome chart and trend line resistance last week.
However, the bulls have faded badly and strong follow-through selling pressure and a bearish weekly low close on Friday would likely produce near-term chart damage.
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May silver futures did see strong downside pressure on Wednesday, hitting a seven-week low to produce fresh near-term chart damage.
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However, the bulls did fade and strong follow-through selling pressure and a bearish weekly low close on Friday would likely produce some near-term chart damage.
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No significant chart damage occurred, but the bulls do not want to see strong follow-through selling pressure on Tuesday.
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More follow-through selling pressure on Thursday worked to help confirm the significance of the bearish key reversal down on the daily bar chart.
If there had been good follow-through selling pressure Thursday, then a bearish double-top reversal pattern would have been confirmed on the daily bar chart.
On Thursday, as the chart shows, the Philadelphia Fed Survey was negative, which damped the enthusiasm and increased the selling pressure.
No chart damage occurred Monday, but the bulls do not want to see good follow-through selling pressure on Tuesday that would likely produce some near-term technical damage and raise the specter of a bearish double-top reversal pattern forming on the daily bar chart.
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