Hello friends, and sorry I'm late with my weekly metals preview -I've been busy moving. In fact, I'm only half done so I will have to be brief.
I held my gold position into the weekend, which was risky. I'm looking to take profits this week. A test of $1730 this week seems likely (see dotted blue line on weekly chart below). I expect it to hold.
Similarly, on the daily chart, we're at upper resistance:
I expected silver to have a more emphatic upwards move after breaking out of its symmetrical wedge last week,
but as long as it stays over $34 (above lower trend line of wedge), I'm very bullish. On the long term chart below, note how the red line continues to be strong support.
Also note the steep-sloped purple dotted lines have crossed the $30 level. In my opinion, it will take a serious deflationary catastrophe or some hardcore manipulation to send silver below $30 now.
2 comments:
"it will take a serious deflationary catastrophe or some hardcore manipulation to send silver below $30 now."
Now why did you go and say something like that?
Good luck with the move.
I wonder if there will be a 'silver waterfall' every four months or so (looking for patterns).
Seems to be just newspaper headline tennis at the minute, bad news, good news, okay we're about to release another round of bad news .. place your trades everyone, etc.
The nightly finance update from Commsec used to mention what the gold price was doing, it still does - sometimes not, at random and doesn't seem related to the price movements. Got a bee in my bonnet wondering whether it's part of the management of perception economics.
Post a Comment