At possible reaction zone. $GDX, $GDXJ
Silver market was undermined with a notorious Flash Crash occurred last summer. The chart structure was spoiled but at the end of the day if we have enough patience to wait until dust settles we could see the clear picture again. I spotted for you both the blue downtrend and the yellow triangle pattern in the wave X on the chart. It looks like we can gain from...
Silver finds support at $16.2. COT futures data show that the Commercial Trader Short/Long Ratio is down to 1.23. This is a strong buy signal. The COT data can be seen on barchartdotcom and goldseekdotcom. Since USD has shown a lot of strength recently, it is reasonable to cost average smaller positions into this over the next 4-8 weeks. I am long 1 silver...
COT data show that the commercial traders have closed a significant fraction of their net short position. The commercial traders short/long ratio is 1.74. I would prefer it to be closer to 1.5 but it may be there when Fridays report comes out. The large speculators have mostly capitulated. I went long one silver future this AM and will open a half position in...
Silver breaks its downtrend line. I will open a half position on SIL in my 401k and go long an XAGUSD future in my margin account on a pull back in the 5 minute chart.
The COT data is very important for traders to understand. Go to barchartdotcom. In the upper left, click on futures. On the left, click on commitment of traders. In the center right, click on gold. The middle graph shows the positions of the commercials (gold miners, banks, swap dealers = bullion banks), the larger speculators, and the small speculators. The...
Silver is turning up off its daily downtrend line. I am long one future and went long on SIL in my 401k yesterday. If it can break up through the resistance, the daily upswing usually lasts 10-20 trading days. This is a 15 minute chart.
Correlation with gold turning negative $GC_F
The price finally confirmed the reversal breaking above the resistance. We got small correction on lower time frame (wave b). The yellow zigzag shows the anticipated path. Now the metal aims at 18.28-19.98 according to Fibonacci projections. Then we should see the larger correction. And then another leg upside, probably the final before the huge drop...
If this holds to the close with reversal candles for the day would expect we likely will be in for a correction giving us a great buying opportunity.
With what looks like a reversal in the US dollar yesterday I am reevaluating my view of the miners.In both the GDX and the SIL there has been a .62 correction and the shorter term down trend lines have been broken. There has also been a "measured move" down indicated by the down arrows. Although we have a negative reversal in the RSI, the RSI has jumped up and...
After FED's Talk on Rate Monday Sept 12- 17:00 ..Traders are betting the Fed won't make a move on rates in September. Now, 85% of traders think the federal funds target rate will be 25 to 50 basis points as of September, which is where it is now. Only 15% of traders are expecting the fed funds rate to rise to between 50 and 75 basis points by September. BULLISH...
Theoretically it should drop back down to those black lines around $18.70~$18:80, but it's not worth the wait, because the next rally should be huge.
Look at that - if Silver breaks above those two black lines, it is going to shoot up like a rocket, as there are no more black lines until we hit $26 something.
IH&S2 PO, 16% higher from now
Still positive but yesterday's candle needs attention