Silver Charting and Silver TA Chat

Looks a lot like a pending down move to me...... time will tell.

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Well silver dropped out of its pennant and gold broke below support @ 1440 and what happened? Nothing... I know someone who is always saying "from failed moves comes fast moves in the opposite direction". This is bullish IMHO, expect a wild week for volatility next week but expect higher pries by the end of it
 
thatguy said:
Well silver dropped out of its pennant and gold broke below support @ 1440 and what happened? Nothing... I know someone who is always saying "from failed moves comes fast moves in the opposite direction". This is bullish IMHO, expect a wild week for volatility next week but expect higher pries by the end of it
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I don't want to but I'm giving it the benefit of the doubt here and agree it appears 60/40 bullish to me. However, I was already thinking this before the Fed chatter late Friday about weaning the market off QE. I'll be fascinated to see the reaction Monday, I expect if we get any sort of 100 point or more sell off in the US we see the metals sell off with it, which probably means they bounce!! :D I am wondering if (with how crazy the equity market is in general at present) they have deliberately come out with this to try and induce a small correction? Even they know how ridiculously quick this has shot up since start of year. The higher and faster it goes up the bigger this train wreck will eventually be.
 
Had a pierce of the lower trend line last night which aborted. Actually got out of it with some extra $$. Not sure what this means but it seems to have gone back to scraping along the trend line again. So I am long with VERY tight stops with a short order below for another break.
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Current USD(DXY) break out above 24/07/12 84.10 does not portend well to PMs future. Will wait for break of $22 go short
 
Just saw silver hit $20 and bounced back up in the first hour of trading this week! How did you do with your shorts thatguy?

Edit: In fact I think it was just the first 10 minutes of trading. Still rubbing my eyes...
 
I must be honest and say that I am praying for a bullish reversal candlestick to be completed by day's end!
 
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