www.goldtrends.netIn the Wednesday update at the website -- we discussed that silver had reached the upper red channel line and a pullback into Thursday/Friday might be in store for silver. Resistance is at the 34.70-35.08 area.............and first support is the 32.50-33.40 area. Short term cycles that are due to peak may have done so as well. If this is the case -- the pullback could extend in next weeks trading. Watch the lower red channel line and the upper dotted trend line as support.
4 comments:
Thanks Bill.
The Bernanke finds himself in a bit of a quandry as the creator of the "Taylor Rule" which Bernanke references every time he gives testimony in front of congress has said that Bernanke is misinterepting the rule and using variances that the creator of the rule, John Taylor, did not endorse or approve. Big Bad Ben has indicated that the creator had approved this alternate provision in direct confrontation with Senator Toomey. Senator Toomey said that the creator even believes the FED Funds rate should be higher by now. This is what Mr. Taylor had to say; "I did not propose or prefer an alternative rule in that 1999 paper, and it is hard to see how one could interpret the paper that way." Big Bad Ben seems to create any provision that benefits his agenda of filling the TBTF Banks with as much money as possible to try and keep the massive derivative exposure at bay. Personally, I believe there is no way possible to avoid this landmine and with the additional firepower of the mortgage crisis, fraudclosure, MERS nightmare and pending lawsuits; it is game over. We are in the forth quarter, down by 40 with 30 seconds left on the clock.
It would not surprise me one bit if all the FED Presidents had a nice big stash of gold and silver themselves.
http://www.zerohedge.com/article/when-even-john-taylor-says-bernankes-interpretation-taylor-rule-wrong
Jack C
jbcarr70@gmail.com
35.23 as of now. breakout above the channel line.
The push today was great for silver ---- and as long as we're in that channel ---- the trend is up. Today's highs has not yet taken out the upper channel line -----but has touched it. As long as we close above 34.90 on Friday --- the trend favors higher into Monday's action.
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