shorter term a break out to 30.85 would be bullish... *** EDIT *** OR not, busted out the top then smashed out the lower trendline. Test of $30 on the cards?
On Silver/USD I see the 200DMA at $30.31 just about held the price up. To head towards $30 it will need to break that first.
On Silver/USD, silver is bouncing nicely off support which was previously resistance at the top of the pennant. So $30 is not only protected by the 200DMA, but this too.
90 minutes more till Bernanke's speech. I cannot tell a lie, although the charts are pointing towards a 60% chance of further upward movement, I am hoping as heck for the 40% to happen so I can see a drop and invest more in silver at a better price (salary coming in on Monday...). So for tonight, I'm in the camp that hopes QE3 gets no mention for now
Intense first 5 minutes of the speech, bears currently have the upper hand, knocking the price down 30c already.
And bulls have gained back the losses...looks like a stalemate so far Full Bernanke speech text - feel free to digest it here: http://www.marketwatch.com/story/te..._jackson-hole-federal-reserve-conference-2012
I just read the text and digested it, it seems that QE3 will be inevitable - Bernanke kept talking up the advantages of QEs. Did anyone else get to that conclusion too from his speech?
Yeah I'm watching it closely. The momentum is gathering to break it convincingly. It's really a tough line to break seeing that it's a multi-month resistance. Let's see how it close by the end of today/week/month. If it closes above $30.15 , that means the last major resistance for Silver/AUD is gone... next stop, dare I say it, last year's high of $46.38!!!
Well very tired and a few less worries weighing me down and a lot more oz's weighing me down ... what a night, lost a lot and gained more IMHO it is up to $32.66 for silver where I will go short and I would not have a clue about gold... never liked the horrible yellow stuff but as a quick glance we are @ resistance right now, I expect silver to drag it through though to $1758?? Just the ramblings of a mad man who lost a lot of sleep **EDIT** silver chart is out of whack... should say 31.71 not 61?
In Stage 3 of the short term Elliott wave (longest and strongest) Next stop $33.....I expect profit taking middle to end of next week. Hope Benny has a lot of grease........Gotta keep those printing presses well oiled
Well just mulling a few points, since silverstackers is a democracy I will say that my 32.66 high has been revised to 33, due to above and fib on the high of $36.90 and low of $26.10 being resistance on the upper fib and fib on $49.78 high and $26.05 low being resistance on the lower fib. I tried to put it all on the graph but it hurt my eyes
