It appears that we are still in a massive bear channel and this was a bear market rally. Both TVC:GOLD and TVC:SILVER appear to be overbought. Silver is showing a massive weekly shooting star. Might see another leg up (within the channel)but then a decline to find another bottom. Looks like it got all the FOMOs out there. Unless we break out of this bear channel...
The shakedown of US and Iran crisis and threat of war clearly gave a damaging impact on US Dollar. Investors are worried about the state of world economy and started to accumulate precious metals to protect their wealth against devaluation of Dollar. With a lot of alarming issues happening all around the globe, the demands for precious metals will continue to...
Pattern: Ascending Triangle on 4H.
Signal: Bearish after the 1D Resistance is being tested for the 3rd time (possibility for a Triple Top).
Target: The 4H Support levels (14.900, 14.760, 14.630).
Pattern: Channel Down on 1D.
Signal: Bearish as long as the Lower High sequence holds.
Target: 14.400 and if the price bounces back to the resistance then aim at 14.250.
USDJPY, USD weakness start in there for longer term. while jpy getting strength on seasonal basis. usd/jpy behaving like retracement to the upside suspect big drop longer term target 107.80
On the 4-hour chart:
- Rickshaw Man doji candle at 15.53 shows indecision
- That doji candle forms an evening star pattern
- Downtrend line from 16.00
Trade Recommendation:
- Sell silver at trend line re-test around 15.40 to 15.43
- Stop loss above the high of the doji candle at 15.53
- Take profit somewhere in the range 15.00 to 15.15 (Half at 15.15 then the...
Silver has been in a bounce from 15.00 support level.
A double top was formed at 16.20
Daily trend-line was broken.
MACD and RSI bearish divergences occurred.
Price tested neckline of double top at 15.50 but seems to reject when an inverted hammer daily candle appeared at that resistance.
Downtrend may resume with a target at 14.80 support level.
Trade...
Pattern: Channel Up on 1D.
Signal: Bullish as last week the 1D Channel Up made its Higher Low.
Target: 16.500 which is the technical Higher High based on the basis difference between HHs.
USDJPY, on friday price push higher volume not supported in that demand. there was an upbar on friday while on monday gapped down bar closed below previous bar close mean strength failed on monday which showed on friday. price may test high of last week then expected fall for targets 107.80 & 107.00.
XAUUSD, GOLD long increased 6k by last week. long% increase 1% while short% decreased 1%. professionals open long in small number while closed short in large number. $index no change in short and long in this week.
XAGUSD, silver trimmed short 6k by last week. long% increased 2%, short% decreased 2%. speculators profit taking by closing positions of both sides, while non-speculators open short.
Silver is a very important commodity, in fact it is even more useful that Gold. As only about 10% of produced Gold is used in various manufacturing, rest 90% goes for jewelry and just as safe haven, where Silver's 50% goes for manufacturing as an example your touch-screens, solar energy and medical sectors... But I'm not here to predict future of humanity :)
Key...
No long explanation here, just thought i'd do a quick share on markets I am watching to get in on for the long haul. If you read most of my charts in the past 3 weeks, you should know how I trade. Feel free to use this as your guideline.
This is long-term trade so atleast a year upwards before you look into collecting your winnings. I don't really suggest where...
Gold has been getting hammered in recent weeks. But now could be the time for GLD to get off the mat.
The big glaring point is a three pointed bullish RSI divergence on the daily chart. Other indicators are also oversold, and have the whole road available to travel.
Also, previous behavior in GLD is that it often forms these V-bottom patterns when it...
The major monetary metal in history is silver, not gold
For most of mankind throughout most of history, silver has been the much more important monetary metal, familiar as the metal of daily commerce. Gold was used only for very, very large payments, which most people make only rarely, if ever.
Both silver and gold are monetary metals, i.e., they both benefit...
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