The January target is $2,020.
Daily Chart
The Silver chart is extremely bullish near term. The white trendline held today. A slight undershoot of the line still remains a possibility. The next target is $37.
60min Chart
Wednesday, December 14, 2011
Gold - Ready to Skyrocket!
The safe haven trade in Gold is ready to ignite with an explosive move higher. The symmetry for Gold is outrageously bullish near term. The geometry is favorable for a bottom with very solid support at this level. Minor downside to the white line is possible.
The January target is $2,020.
Daily Chart
The Silver chart is extremely bullish near term. The white trendline held today. A slight undershoot of the line still remains a possibility. The next target is $37.
60min Chart
The January target is $2,020.
Daily Chart
The Silver chart is extremely bullish near term. The white trendline held today. A slight undershoot of the line still remains a possibility. The next target is $37.
60min Chart
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My thoughts.
ReplyDeletehttp://timecycles-timer.blogspot.com/2011/12/15-dec-thoughts.html
Any new updates on DAX & S&P
ReplyDeleteSome strong numbers coming on job , empire index and deficit looks like market will rally hard today
ReplyDeletewill see
cheers
But gold and specially silver not moving much upwards
ReplyDeleteSC, that white line on the SLV at 28 is misleading and really would have been at ~25 if us markets were open because thats where silver traded that day.
ReplyDeleteBobo, do you mean near term or long term? In the near term, I think there will be a fear event that drives safe haven demand for the metals. For example, a major bank collapse.
ReplyDeleteI suspect the metals might close just a little weak today, tomorrow looks promising.
http://screencast.com/t/h6Go5HnF0
ReplyDeletebluemoon, I thought about that as well. Sunday night late Sept the Silver futures did trade around $26. The pattern might be different if I charted it that way, but with the same overall end result. I place more weight on the cash market because that is when more participants are active.
ReplyDeleteSC,
ReplyDeleteYesterday, you said that gold could rise overnight sharply. I think technical signals are not enough and we need ta major macroeconomic event. Moreover I do not think that a major bank collapse will be good for precious metals (look at 2008 with LB); as I said earlier, change in world monetary base is the essential driver of gold and silver. Thus, we have to wait new decisions from central banks....
My unconventional opinion is that the cycles drive the news. In other words, the policymakers react to what has already happened in the market. For example, read the statement from the Fed in August 2008. There was mention of inflation concerns, and no mention of any problems at all. The policymakers were not proactive, they were reactive. Once the market crashed, they started moving real fast (but not before).
ReplyDeleteAgree completely, that long term the prices of Gold and Silver will be driven by monetary changes. All of which is determined by the cycles with central banks reacting to market events.
ReplyDeleteSC, i'd think that using futures would be more accurate. We had too many big moves happen outside of us trading hours to not consider them.
ReplyDeleteABQ, thanks for the chart. On your TOS plot i also do not see that 26 low. It would have hit that low blue line perfectly. I take it you are targeting potentially low 20's from here after a short lived bounce, if any bounce all?
Bobo Mik, my thinking is that markets have predictive future built in even though for many its not obvious.
No decent buying at all in the metals today
ReplyDeleteHi SC
ReplyDeleteyou are like the only Bull in silver and gold I know right now, maybe there are other too as well...Anyways, looking at the chart, it looks like silver price flow with EURO currently. With EURO going to the toilet right now and probably in near future, and USD being so strong, with no QE insight, hard to image a silver rising in near future. With year end, lot of fund managers has told the public they will or already have sell their gold and silver in order to cover their lost this year with the stock market. Everything is pointing silver to the toilet except for Technical, it does look good just cause we basically erase the entire 2011 gain in silver, but we all know what technical got us with silver this year, too many fail to count, lot of people thinking 75$ or 100$ year end, we are at 28$ish currently.
My question for now is, do you have a major, major position in silver currently if you think we will rocket higher?
Thanks!
Of course, Silver/Gold positions very attractive at this price.
ReplyDeleteHi SC
ReplyDeletewondering your outlook for next week with s&p? you seeing more blood?
Thanks!
More downside in gold sc?
ReplyDeleteIf there is anything it will be very minor.
ReplyDeleteI think next week will be bullish, with the day to short/buy HVU coming on December 23rd. I think the Italian bond auction starting on the 28th, after Christmas, will be the start of the serious downward pressure on the markets. Mid January Italy has to roll over a bunch more debt, so SC's January low of 1044 looks very likely right now. I for one would be very happy to see the markets take off next week.
ReplyDelete