GOLD AND SILVER TECHNICAL AND TRENDZ UPDATE 29 JUNE 2011 : CHIEFSWORLD

[CHIEFS WORLD]

SILVER UPDATE:

think a 50% or better pull back of the whole run up from the low in
Oct 2008 would be a good support, (about $29.00). That falls right in
the middle of the support zone I mentioned between 26.38 and 31.23. My
previous chart of silver suggested a fibo target of about 27.60ish
also. So in the weeks ahead I am going to be looking for a complete EW
pattern into that 27.50 to 30.00 area. If $26.38 fails as support,
then $22.00 comes into focus.

I will be attempting to short with the next 3 wave bounce higher. I
like the prospects of a potential ST bounce higher to 34.40 to 35.40
in the few days ahead before heading lower.


GOLD UPDATE

Here are a couple calls for this week:

#1 potential ST Buy from 1487 to 1504 early this week, target 1511 to
1530, stops comfortably under 1486. look for 3 waves up to complete.
IF the action produces a strong 5 wave impulse up to above 1535, then
you may want to hold your buy.

#2 potential MT sell from 1511 to 1530 later this week or first week
of July. target the 150 dma (currently 1436) initially, with potential
to stretch lower into the previous wave 3-4 zone of 1308 to 1430.
Stops comfortably above 1536 and firm at 1559. Action may be some what
choppy to the downside going into August. IF a 5 wave impulse in Pog
moves back above 1536 early this week, then the call is likely no
good.