After dropping almost 6% in a single day Gold has reached my 3rd target, $1430. It’s still working its way towards my 4th and final target which is at $1310: The low of the day was $1,349. Only $29 shy from the final target, where Gold will find a support.
On Apr 13th I forecasted That silver is going to drop. It has gone down more than 12%. It is an astonishing astronomical number for a single day drop.
Silver always follows the footsteps of its role model (GOLD). Both of them has been having trouble since the high of Apr 2011 and Sep of 2011. Silver is been even weaker, because its demise started 5 months before gold’s demise. Silver and Gold are taking a little break before they start going a lot higher in the future.
Area $26.15 was a humongous suport for silver because since Apr of 2011 it has been tested it 5 times, now that level is been compromised therefore Silver will drop… Target #1 is $23 and target #2 is $19.50.
Also an important up trend line is been broken along with certain Fibonacci levels turning to resistance points…
A quick follow up about the movement of Gold. Since the forecast of March 07 Gold has gone down exactly $100 from $1577 to $1477, surpassing two target areas of $1541 & $1524. I had also mentioned once Gold goes under $1524 it would go down like a waterfall, that is exactly what happened today. Gold dropped whooping 5% in a single day… We shall witness to see Gold hit $1430 and perhaps $1310 over the next few days.
Bellow is the chart of the last 3 days.
I have prepared a chart about Research In Motion Limited (Blackberry). It is an unusual stock been up and down many times since its IPO in 1998. I have not completely lost faith in it but it is hanging very close around its grave yard.
Right now it is trading at $14.70 which is an extremely important area. It must stay above $14.20 to keep up with the up trend line, however it is near a gigantic resistance area which is at $18.30. For BBRY to have any hope it must go above that resistance area so that it becomes a support level. Once the price goes above $18.30 then it shall go to test $29.29, in other words a nightmare for BBRY because it is the worst resistance level of all time.
On the other hand BBRY has always surprised people with its price percentage spikes in the past, Although the last 4 times are less impressive than the first 4 times as shown in the picture… That is another signal indicating that investors don’t have as much confidence as they had previously.