Double-top forming on silver chart?

Discussion in 'Silver' started by TreasureHunter, Sep 3, 2013.

  1. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    There are a few reasons why I wouldn't call it a double-top. Namely because it was not preceded by a large enough trend, time frame very short, 2nd peak did not extend etc.
    Careful not to confuse a normal consolidation with a major pattern.
    I reckon this is a pretty good guide:
    http://stockcharts.com/school/doku....t_analysis:chart_patterns:double_top_reversal
     
  2. gazzahere

    gazzahere Member Silver Stacker

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    sub 23 in --------------- will check the charts -- 22.33 was critical from memory - if we are above that we are ok --below, all bets off.

    have a great day

    gazza
     
  3. TreasureHunter

    TreasureHunter Well-Known Member

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    Sub 21 $ silver!
     
  4. Dustin

    Dustin New Member

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    We totally called it :)

    Not that it was a tough one to call..and we were wrong in thinking it was a double top...but was definitely time for a correction :)

    I gotta say I think the $20-$22 area holds..jmho
     
  5. TreasureHunter

    TreasureHunter Well-Known Member

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    Yes, I saw the weakening energy and the backward falls. Lower and lower highs.

    Looked eerily similar to a silver double-top, but regardless of who thinks what, it did show a sign of correcting silver.

    Now we'll have to watch next week's FOMC meeting outcome.

    Kitco's survey is pretty much bearish for next week:
    http://www.kitco.com/news/2013-09-1...cipants-See-Weaker-Gold-Prices-Next-Week.html

    Most participants are expecting lower gold price for next week.

    If they taper, it will dip! Then we'll have to see, whether gold goes lower than the previous minimum in the 1,180's.
     

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