Go silver! $18.5 and $1300? Just wait for the fall out from the ECB announcement. Almost nothing they say will restore confidence and if the Germans block a big move we could see some real action. A few poor earnings announcements in the states could weaken the dollar index (against everything but euro). Plus the price is starting to get done attention in the media, the first "norms" are getting on board. This could be the one we've beg waiting for.
Yep I had to do some bullion buying when it hit $20.20 au Im glad Perth bullion is 24/7 Dust off the shopping list
That's not anywhere near an inverse head and shoulders. For some reason, head and shoulders and inverse, always seems to be the most commonly misinterpreted formation. Here is what a real head and shoulders, and inverse looks like. For sure the patterns might not be perfect every time, but they must at least be closer to the below charts. http://www.cmsfx.com/en/forex-educa...s/technical-analysis/trend-reversal-patterns/ Just my opinion. Jim
Looks fine to me, AFAIK it's all about the psychology... price makes a new low and bounces back (LS) price then makes a new low but not significant bounces back (Head) then price fails to make a new low and bounces back (RS) now if the NL is broken we have a HH after failing to make a LL... but yeah they are pretty unreliable as they are easy to spot IMHO
A visit to 1131 or a turning point here would not be too surprising. If stock market really crashes hard it will take gold down IMHO (EDIT: sorry about the mess :| )
Someone who is a very serious TA guy that I respect is quite confident that silver is due for a big move up in the next couple weeks. In a big consultation phase and has to break through the $17 level and then the next stop is $25. Take that with a grain of salt and do your own research, but if you were thinking of buying now or this time next month and there's no real practical reason to go now or wait then maybe think about doing it sooner rather than later. If it fails to crack resistance then e could be sideways for a while again but if it happens then we are way off to the races.
Very interesting point in time... my instincts are to go long, instincts I have used as contrarian for a long time. So short I am... silver is my litmus, breaking that trendline will have me reverse. Interesting weak ahead pun hopefully intended GLTA
Gold And Silver Trapped In A Low-End Trading Range Saturday 10 October 2015 http://edgetraderplus.com/market-commentaries/gold-and-silver-trapped-in-a-low-end-trading-range
Still scumming around that trend line with Au powering through... could be fireworks... could be shenanagins
BUMP. Reviving this zombie thread from the depths of time. Updated the long term chart at the start of the thread again also. (see attached) All daily candles high res back to 1980. Its in $USD. Purpose of this thread was to get peoples inputs on the technical chart patterns (lines of support and resistance) and collate info that might be relevant/corelate to market moves with the actual price. Rather than news / sentiment... But that is totally relevant too.
IMO, for all intents and purposes we seem to have major technical support floor at about $22 USD along with a recent low at about $24. We have broken up out of a line of resistance that was falling from the last 3 tops which is a good sign and if we break upward past $25.50 next week id be expecting next resistance around $1 later at $26.50. Otherwise we may sit under a rising resistance level projected from mid last July's breakout through December's low candle and last months stall as it broke down through that level in its recent fall. Blue being current resistance and green being support... Thoughts?
Haven't posted a chart for a loooong time, but couldn't resist. Similar thoughts to yours, although I disagree with your rising support line. Currently the main trading range is 24.00-28.00. Short term falling resistance seems to have been broken.... but can not really confirmed before rising above 25.50. If price breaks above minor high at 25.50, then 26.00, and 28.00. Otherwise next stop 24.00, and 22.00. Most significant feature of this chart is the noted beginning of #silversqueeze, whereby no matter how many stories of physical shortage have been fabricated.... it has made SFA difference to price action.
