So far so good... and very "soon" IF I was a Bull i'd be buying this weekend and or looking to go long early next week with stops ~20pips below lower trend line 2940 with a target of moon. If i was a bear i'd put some shorts on @ ~ 2930 with stops 2995 with a target of 2750
Really like your levels TG of late Small bounce and then a pierce of $27.50 is my read on it over the next few weeks. Gold may be near a bottom for now but silver I see in my crystal has a little more to go. I will pick up a half position of some good value semi-numies at $27.50, but I still have this nagging feeling that we could see a real downdraft at some point this year to really try and get the little guys out.
Well worked myself into paralysis by analysis this weekend. Gold is Very close to the bottom of it's trend channel and we must test it I think. Silver is right in the middle of it's short term downward trend channel, but scrapping its upward trend line from 2008. There is a lot of bearishness out there. We are IMHO at a fork in the road for PMs and end of next week we should see a resolution I am torn as to which way we are going. Good luck out there, there is great opportunity
GSR is what to watch early this week. If silver can hold grounds and let gold slip to test the lower trend line this will be bullish (descending GSR). Alternately a common decline and thus sideways in GSR is bearish or a gold rally and silver decline (Ascending GSR) is also bearish. I have a feeling it is down for us this week at least, BUT I have allocated some capital as a just in case
So we got a pop up this morning due to China being back online. But Silver Feb 13 Expiry is this Friday. Should we expect another round on decline as we did with Gold Expiry? If so, support would be breached and back to 28 we go yeah?
Don't forget the WED FED meeting http://www.federalreserve.gov/whatsnext.htm To be happening in the middle of this week adds to the fun n games, as usual first move is usually the fakey Seriously expecting a test of 1585 in gold if silver refuses to follow it will mean going long... if silver follows I will go short.
Well the spike down last night jagged a few shorts This could be the fake move but it is a significant pierce of the 2008 trend line and does not seem to be bouncing back like the 29th of June pierce. Gold has still not tested the lower trend line of it's trend channel, so am happy to remain short ATM
Interesting like crystal ball gazing. I have been in physical since 2003 and care not what the slope angle is of the pimple, on the butt of the 6 tonn African elepant. I invest in the elephant.
