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Glad I was short into this in Silver and Gold today. I decided to short Gold as well yesterday instead of adding to my silver short, so it was nice to be on the right side of a big move for a change lately. However, Gold is now approaching the 2 year trend line support, so I need to see how it reacts to it in the next few days. As if Gold can get back above it's 200 day moving average then the picture could shift back to the bull side again.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill" – Reminiscences of a Stock Operator.
Here's the latest Gold, Silver and Palladium Charts.
Notice the lovely little head and shoulders pattern on the Silver chart between 30 and 35. A measured move gives me a down target of 25, but the breakdown level could be retested first as markets don't go in a straight line. However the 30 level is an important resistance to breach.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill" – Reminiscences of a Stock Operator.
Below is my latest Gold, Silver and Palladium charts. Silver and Gold took another leg down today with gold closing below the three year trend line for the first time. So that could be significant if it closes below it on Friday. I'm still personally short Silver, so I liked the move today and still have an initial target of 25, but if Gold breaks further this week then I think $20 is also possible as it is the first major volume support below $26. Also keep a close eye on EUR/USD as that is driving the major market moves still in most assets including the precious metals imo as was evident again today.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill" – Reminiscences of a Stock Operator.
I thought I'd post the Gold and Silver charts today as are back at key levels again. Gold is trying to close above 1615 horizontal resistance, but also has the 200 day MA to break at 1627 if it gets through the first resistance. Silver is also at a key level and failed to get back above $30 horizontal resistance today and rolled over a bit. So I still have a $25 target on Silver personally. But it is led 90% by Gold which looks a bit stronger currently. So will see how it behaves the next few days around these key levels before either adding to or closing my short position.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill" – Reminiscences of a Stock Operator.
With both charts, we have a mixed bag. The daily chart is OB, but it can stay OB if the weekly chart moves higher. The past many weeks have been corrective to trend, but that can change with a break of the recent lows. The key is volume; need volume to move this market. Currently the volume is light.
And checking GDX to see if the charts show the same:
The volume has been light. But light today also on a down day. Still a mixed bag ................. waiting
