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Pillar of the Community
 United States
3789 Posts |
Just a small update-
what can I say... nothing but chop, up, down down, up, down down down.. etc.
This WILL get resolved soon enough and remember, the longer we spend going sideways, when it breaks this sideways action, the move will be explosive.
Right now we have seen this movie before, both appear like they are going to break the trend line and they bounce. Then a vicious snap back which fizzles over a couple of days.
Next week "should" give us more clues. For sure tho, whether its up or down, the next move is going to be provide some fireworks lol
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Pillar of the Community
United States
589 Posts |
Why not this no one posts in this thread until silver hits 15.00 an ounce.
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Pillar of the Community
United States
3789 Posts |
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Pillar of the Community
United States
3789 Posts |
just a quick note here-
more of the same.... a continued narrow range for gold and silver. Interesting that each time it gets to the upper range, the move gets faded, like today.
Notice how each bounce is short over these past few weeks. unless there is any follow through to the price action today, its pretty clear that these bounces are weak attempts and that once this narrow range resolves itself, it will be to the downside. I saw this because notice since 5/5, every single bounce has been a lower high, all three times. On top of that, the bounces always get faded, with no follow through the next day.
So let's just be patient and see how this plays out. This narrow range will break in some direction, either up or down. Gun to head, based on how the last 3 weeks been, I would say it wants to resolve lower. However, lets allow the market have the final say, as its always right.
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New Member
United States
12 Posts |
YUP thanks for your input, I read all 169 pages of this thread over the last few weeks and decided to be a member because of this thread.
I will be following it closely. Thanks again!
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Pillar of the Community
United States
3789 Posts |
Heads up-
we got a resolution here, and it was to the downside. Right now its right "there" pushing the lower end. Look for either more push down throughout the day and in the coming days.
Now, we could expect a bounce, but I doubt it. AFter this narrow range, and breaking lower, I see more continued selling which will bring much lower prices.
I would be careful here trying to buy the dips in silver and gold around here so just be patient if you want to be a buyer.
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Pillar of the Community
United States
3789 Posts |
@carguy111
not a problem, glad to be able to help out. thats all I am trying to do, is help by educating and sharing
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Pillar of the Community
2087 Posts |
This is the time to see if golds new(relative to the last 100 years) linkage to the share market is going to moderate or exacerbate downwards movements. I suspect that on big dips people will be inclined to sell their ETFs making the downwards drop worse. In the 1980s gold traded independently (to a point it was usually negatively correlated with the share market) of the share market...now its on the share market.
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Pillar of the Community
United States
3789 Posts |
Gold has some follow through to the downside today. Looks like silver wants to step down also....
however, I am of the opinion that while gold and silver are still breaking lower and will break lower, it seems like a scenario where everyone and his brother is watching for lower prices...
that makes me think, yea we dribble lower but I expect and wouldnt be surprised by some sort of bounce shortly here. I dont think it will stop this move down, it just will prolong this continuing drip in price of gold and silver.
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Pillar of the Community
United States
3789 Posts |
going to have a few clean simple charts up in a bit to illustrate whats happening.
Silver as an example, is once again for probably the 8-9th time this year, coming into its yearly lows. Its very hard for an asset to hold up when an area in price gets probed repeatedly. Gold is acting the same way, its lower end is being probed, again and and again.
What eventually happens is that area of support finally gives in. We have already seen gold consolidate, trade sideways for weeks and weeks and finally snap lower. I think we continue to see this sort of price action in gold and silver as they march closer to their yearly lows.
This is how price action works. It moves in its own time. Sometimes fast, sometimes slow. However, each and everyday, every week, every month, paints us an overall picture.
The overall picture that has been painted for gold and silver has been a constant steady churn, teasing those wanting higher prices, and not offering many chances to sell short gold and silver until this week.
I do expect some sort of bounce at some point here but crazier things have happened before.
more in a bit this AM.
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Pillar of the Community
United States
3789 Posts |
Ok some quick charts, and we'll turn to our proxy, GLD.  how did we know that lower prices were on tap? This chart illustrates how by price, we were being told, little by little that the range was getting tighter and gold wanted lower. Notice each green arrow on this chart, each time, the bounce higher was lower each week. That was the major clue, we were getting a set of lower highs each time. That resulted in setting up for a break lower which we saw this week. As the price moved lower, it broke a trend line and continued lower. We therefore got confirmation and resolution for a move lower. Notice the yellow arrow. Now, I think, with gold, we dont see a straight flush down. Its once again coming into support. For that reason, I dont think we see a flush that breaks 1200 or lower just yet. I think we see more of this sideways trade at a lower range. take a look at this chart for support levels.  As we can see, there are areas where gold can bounce from. In a little bit I'll have some silver charts up as well. I see the exact same scenario playing out in silver. In fact, I would not surprised at all to see silver and gold bounce either today or tomorrow. The question is- by how much.... As always, be patient and observe. The market will show its hand, and is always right. stay tuned! |
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Pillar of the Community
United States
1681 Posts |
So, after 170 pages, all we know for sure is - PMs are a horrible investment.
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Valued Member
United Kingdom
183 Posts |
I read somewhere that gold is a 16yr cycle and silver,
40yrs. patience is required with all investments including
pm's.
HH
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Pillar of the Community
United States
4333 Posts |
Quote:
So, after 170 pages, all we know for sure is - PMs are a horrible investment. . PM's have outperformed any other investment in the last decade. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
3789 Posts |
What matters however is how investments do in the present, and in the future. What an asset class has done in the past does not mean or guarantee that it will repeat.
So yes, silver and gold are horrible investments presently and are now going on three years.
I dare say that everyone who continues to average down in silver and gold is going to be in the red for a long long long time and all those saying they dont need it for 40 years, well those folks will end up having to sell gold and silver at a loss as they will end up needing the money.
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Replies: 5,649 / Views: 461,640 |
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Posted 05/16/2014 1:18 pm
