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Posted 12/07/2014 11:38 pm
I want to take a late night look at silver and gold, we will use our proxies SLV and GLD as they are without a doubt an excellent benchmark with their volume and wide use in the market and also allow the public, such as here, to participate without having to have a futures account, which is the BEST way to access commodities such as silver and gold.
As always, I am using super simple clean charts on a daily view to keep it super easy, clean and SIMPLE. No need to over think this nor add BB's, SMAs, EMAs's, and all sorts of other formations. I could do it but then everyone would be wondering what on earth am I talking about... and thats defeats the purpose. The two most important items are PRICE and then VOLUME.
The focal point is and continues to be the overnight futures action that happened on 12/1/14. will that area hold up? I have no clue but if I was looking for an important area as a reference for a turn around, thats it, remembering that gold and silver remain in a downtrend UNTIL they prove otherwise.
Going to our proxies.. SLV ended the week with a lower high and lower low but it remains at the upper end of the range going into the new week. Does this pattern continue... or does it change, this we have to watch and see.
GLD did the same as SLV, having a small gap down.,, but it also remains at the upper end of the range.
This illustrated in the following two charts-
Notice how in our first chart, GLD, or gold, has made it into a higher range, but testing the lower end of, which is the second aqua colored line. It still is above the 12/1 day tho for now.
SLV, or silver has yet move higher above that 12/1 day, it does remain at the higher end of the range but again, it hasn't made a new range like gold has.
Again, the focal point is if gold and silver can hold those gains from 12/1. Thats our reference point for now. In terms of price for those wanting a closer reference than what our proxies offer, that means you want to see gold remain ABOVE 1141.70 and silver ABOVE 14.15. IF gold and silver violate these price points, then much lower prices are coming and the movement we saw on 12/1 was for naught.
This is where the element of time comes in and patience. Avoid the mistake of having a bias in either direction of price influence what you see. As traders we have another saying "TRADE WHAT YOU SEE, NOT WHAT YOU THINK" you would be amazed at the amount of traders,, followed by the unknowing general public who lets their opinion ignore whats happening in front of them with price action.
IF silver and gold are going to hold, they will hold, period. IF not, clearly it means much lower. Do not fight the market, no once cannot beat the market.
As always, I am using super simple clean charts on a daily view to keep it super easy, clean and SIMPLE. No need to over think this nor add BB's, SMAs, EMAs's, and all sorts of other formations. I could do it but then everyone would be wondering what on earth am I talking about... and thats defeats the purpose. The two most important items are PRICE and then VOLUME.
The focal point is and continues to be the overnight futures action that happened on 12/1/14. will that area hold up? I have no clue but if I was looking for an important area as a reference for a turn around, thats it, remembering that gold and silver remain in a downtrend UNTIL they prove otherwise.
Going to our proxies.. SLV ended the week with a lower high and lower low but it remains at the upper end of the range going into the new week. Does this pattern continue... or does it change, this we have to watch and see.
GLD did the same as SLV, having a small gap down.,, but it also remains at the upper end of the range.
This illustrated in the following two charts-
Notice how in our first chart, GLD, or gold, has made it into a higher range, but testing the lower end of, which is the second aqua colored line. It still is above the 12/1 day tho for now.
SLV, or silver has yet move higher above that 12/1 day, it does remain at the higher end of the range but again, it hasn't made a new range like gold has.
Again, the focal point is if gold and silver can hold those gains from 12/1. Thats our reference point for now. In terms of price for those wanting a closer reference than what our proxies offer, that means you want to see gold remain ABOVE 1141.70 and silver ABOVE 14.15. IF gold and silver violate these price points, then much lower prices are coming and the movement we saw on 12/1 was for naught.
This is where the element of time comes in and patience. Avoid the mistake of having a bias in either direction of price influence what you see. As traders we have another saying "TRADE WHAT YOU SEE, NOT WHAT YOU THINK" you would be amazed at the amount of traders,, followed by the unknowing general public who lets their opinion ignore whats happening in front of them with price action.
IF silver and gold are going to hold, they will hold, period. IF not, clearly it means much lower. Do not fight the market, no once cannot beat the market.
makes zero sense to me.
