As a "round number" I'd expect some sort of resistance at 1500, but the daily and weekly charts looks (to me) like they have 'confirmed' support at 1525 and 1475. I don't see confirmation of 1500, but it IS a very round number so 'I' would expect resistance. BTW, I am just learning here; simply posting my thoughts for confirmation/rejection by others. I'm similarly working on a big gold chart atm, So I'll post again once its up. (likely during the week sometime)
@Azure, will you do it in a new thread pls? perhaps call it "gold charting and gold TA chat"? I am using IGMarket chart only so just very basic and beside, I am learning pieces by pieces secretly from "few of SS members' posts" here Anyway, Reggie has sent the link and it will be an interesting view to see the potential POG down to US$1300. that's nearly 18% drop from the current price US$1579. I cant imagine this but..... if this happens, then the POS will likely end up in **** hole. I also agreed with Azure. imho, there is a very strong support at around US$1460+ (MA750) which never been even tested before.
Bump... on the edge again... the more often support is tested the more likely it is that it will be taken out
Just a quick update on silver Yesterday's chart didn't exactly inspire: it tested the 55 day MA and failed. The overall pattern is not as attractive as gold. Silver seems to greatly respect the 55MA, if you look at the silver index chart. So at the time of writing this, silver has not indicated an upmove, and nor will it until it breaks and holds above the 55MA. My view is neutral to bearish. The Olympics however may change precious metals sentiment.
"The Olympics however may change precious metals sentiment". You are obviously joking !! Like telling us the Games changed the fortunes of Rome. They did !! they hastened its demise.
I think all of us here are "bullish to super bullish"....otherwise why frequent a website called "silverstackers". My comments relate specifically to the time window discussed, which is 55 days. Technical analysis and technical feedback on commentary is the point of this thread. re: olympics....DYOR. Cheers.
http://stockcharts.com/help/doku.php?id=chart_school:chart_analysis:gaps_and_gap_analysi http://www.investopedia.com/ask/answers/06/limitgap.asp Gap open?
Slight bullish divergence on the MACD. 10 day EMA just crossed 35 day. Could be in for a small run up to around 200 day MA (around $30) ?
I'm expecting a Friday drop to close the week out between support and resistance. The triangle ends this month, though. Things will get interesting soon.
This week was a solid showing from the bulls - closed every day from Tues above or equal $28 For now they have the edge heading into the end of this big triangle. Like reggie said:
I was wrong, the price closed above resistance. It's been tested five times in the last 12 months and now we finally have a breakout.
