Despite calls for major moves in the precious metals, you can see below on the weekly charts of GLD and SLV that not much has been going on there. Both triangle patterns appear to be building towards some type of resolution, as there are only so many weekly dojis, denoting indecision, that can be printed before one side eventually wins out.
Both gold and silver are still in long-term uptrends. So, despite the typically-bearish descending triangle patterns, the bears are going to have to actually step up and force the issue with a major breakdown. No one knows for sure if or when that will happen, including me. Rather, I am writing this post to simply note that when you see massive triangle patterns that are taking their sweet old time to form a resolution, you can expect headfakes galore.
In other words, I would not be surprised to see a violent move in one direction in the coming weeks in both metals, only to see that move sharply reverse the other way and offer up the “real” move.
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If we break below 1547, the daily cycle low, it will increase the probability of a break below the intermediate cycle low of 1523. If that gives way, no one knows how low the next intermediate low will be. Guesses fall into the range of 1350 to 1450. At the moment, it’s good to be in cash.
y. 1350 was pre-mania.
Great update.
I played “the wedge” formation, added with some, now proven incorrect, fundamental views.
Still holding, despite me knowing $26 has been solver’s floor.
Can’t hate the greed-devil, anymore than the fear-angel, sitting atop the shoulder.
All the margin and fraud issues concerning futures brokers have apparently proven catalyst to this volatility.
My hold is based on suspicion of further conflict in Syria and Iran.
Certainly, no one can eat a bar, or an ounce of PM, for that matter (like other commodities).
IT COULD GO DOWN.
Nice photo hahahaha
Little Mack took down Tyson and he will take down gold and silver with it too. It should d last a full 3 rounds and end in a TKO. that probably means about a few weeks….