Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Chart on Euro (by Mike Paulenoff)

By -

Let's notice that the euro has pressed below the up trendline that originated in 2002, and cuts across the price axis this week at 1.3080. Today's plunge to a new bear phase low at 1.3020 has violated the trendline; however, in that this is a weekly chart, it remains to be seen if euro/dollar will close the week beneath 1.3080. If yes, then the euro should head still lower into the area of the Nov. 2008 to March 2009 lows, in the vicinity of 1.2800 down to 1.2400.

In any case, this is a much uglier and more dangerous technical condition than we had heading into the weekend, when Europe and Greece were supposed to put loan mechanisms in place that also created a floor under Portugal, Spain, and who knows where else. Underlying the euro weakness is concern about Germany's committment, or lack thereof to the bailout plan. As relatively strong as gold acts, the big picture of the euro creates strong headwinds for gold and the SPDR Gold Shares (NYSE: GLD), at least near term.

M0DxCUCz6
Originally published on MPTrader.com.

Chart on Silver (by Mike Paulenoff)

By -

It is staggering to think that spot gold prices have rocketed well beyond the January 1980 high, while spot silver prices are about 60% off of the 1980 high! Let’s notice that the silver price structure is heading for a confrontation with its long-term resistance line, now at $19.54, which if hurdled and sustained just might be the catalyst for upside acceleration that plays catch-up in a hurry with the advance in gold prices. In any case, my work points to an approaching confrontation with the 1980-2010 resistance.

The iShares Silver Trust (SLV) has hurdled its Dec-Apr resistance line at 18.05, and has traded above its prior high at 18.17 (from Apr 15). Both of these are technical signs of strength that point to upside acceleration that confronts much more important resistance along the March 2008-present trendline, now at 18.70/75.

SK5plru2t