BEI
Long

PREPARING TO BUY METALS

BATS:SLV   ISHARES SILVER TRUST
184 2 0
Since gold             prices tested two times the 130.75$ support ( GLD             ), thus forming a double bottom pattern acting like a potential bottom i have been buying metals. Nevertheless, current price action this week rejected 3 times 136.7$, consequently acting like resistance (Fibonacci 50% + EMA 34 daily). I have sold all my position and on metals and miners and found myself confused for a while...

I decided to step back and just review some basic points:

-Gold Miners were neutral to upward bias for the major part of the week but still prices didn't push higher
-Volume didn't confirmed the double bottom formation
-Silver has been the weakest performer in this downtrend as much as i know

Since my gold             analysis still tells me to buy as long as gold             doesn't cross 125 dollars ( GLD             ) i decided to make a more thorough analysis of it's cousin: silver             .

I hope you can easily read the chart but basically this suggests another leg down in silver             and metals in general. i would recommend to buy silver             around 17.84$ to 18.25$ if you are looking to go long on silver             . This is from my point of view only, but i am sure this will act as a strong support from its 2 years downtrend.

I hope this has helped some of view and don't hesitate to send me feedback since i may not seeing this the right way

BEI
3 years ago
Got in on my signals last friday. Although i am not so happy with GLD rebound, i was waiting on a green box rectracement first (important Fibonacci levels),We'll see how it plays out.
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BEI
3 years ago
if this price level fails i'll be watching this
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