Double-top forming on silver chart?

[wrcmad]

So would I be correct in saying that this is not considered a double top specifically because it never got back to that $25 level? If it had broken $24.50 and gotten to $25, then dropped back to $23ish, then it would be a double top?

Like I said, I'm an amateur here to learn..

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

 

[gazzahere]

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

 

[TreasureHunter]

Sub 21 $ silver!

 

[Dustin]

Sub 21 $ silver!

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

 

[TreasureHunter]

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.