What Happens To Gold And Silver Next? Look Out Below?

Wow, Gothic, great stuff.

It would be interesting to see how the day, or week, went after such a dramatic day. It looks like one was back-to-back (hopefully like Golden State).

Wow, great post Lorax.

IMO, you have been a great addition to the thread. I wish I had expertise in this area, but sadly I probably contribute the least, but learn the most.

Ed,

well, I gotta say the good folks here at CCF have allowed this thread to run and I appreciate that they allowed me to share knowledge.


I would say it would be best too stick to PMs, miners and not anything else, solely because most folks here are interested in PMs, not biotech stocks or other assets. AFter all, this is a precious metals forum, not a stock, currency etc forum, tho patterns can be illustrated across various assets in some cases, I know I recently posted a few non PM charts to solely show the various forms of price pull backs in an uptrend or how they can die out fast.

I don't know about sharing set ups. I dont think it hurts,however I know a lot of people here have a hard time grasping and understanding the difference between say a trend following trader, such as myself and a shorter time frame trader such as an intra-day trader (the term day trader is old and being phased out) and of course you have other time frames also.


I do think its good to look at, in the most simplest forms, price action on a daily basis, weekly etc. However, again, people have a hard time understanding these time frames and why they paint an overall picture in time.

Many times it gets very tiring, boring and old for me to talk about silver and gold because I am trading a wide range of assets from week to week as an example and could care less about what silver and gold are doing for the week.

A lot of times I really could care less to post here because my plate is full with trading and making money; the LAST thing I want to do is talk trading after watching markets for a whole day and preparing for the next day.

However, I dont want to leave some poor soul left in the dark, wondering what happens next and I do want to give back to the community and I do feel back withholding info.

As an example, the price action on Friday didnt mean a single thing to me. It was a simple move in the range, off the bottom, big deal. But as we can see, it really got folks to comment. Its interesting to note that everyone only mentioned the jump up in prices. Absolutely no one talked about where it was coming from.

What "should" have been noted was that gold and silver bounced from the lower end of the range.. but that went over everyone's head LOL Instead it was, "oh wow what a jump" sort of comment, which to me, I am looking at charts and I Am like , yea, moving off the lower end of the range once again.

so I mean, its up to you, the only suggestion I say is keep the discussion rolling on PMs, miners and keep it simple because a lot of people, if not the vast majority are going to misunderstand indicators or get them wrong etc.

and hey, I dont want to come across like a jerk and its not to put anyone down. I try really hard to water things down, keep them so simple and yet folks still miss the point. But I guess I cant blame them as it takes years upon years of pattern recognition and tape reading to get a sense of whats happening. I guess I have been blessed with the abilities to trade, to have been taught and the time to sit and watch and learn from the tape.

Hopefully tho, something clicks with people and they can beat the worlds greatest game!

Thanks yup for watering things down. When a person gets to talking too much market jargon, it turns to white noise to me. As for PMs, it is my opinion that this uptrend will last for a year or more(personal opinion is years), unless some unforeseen event occurs that quickens the timeline. I am long on silver miners and physical silver, I believe this will outperform gold in the long term since it has industrial use as well as a hedge and have READ that there is more gold on the planet than silver. Who knows for sure besides the One who put it here. I like candlesticks and look at the wicks as well as volume to try and determine what will happen in the next trading day. IMHO, and an newby experience at that, I would say next week will bring a consolidation, but a new base of $16.35 based on looking at the chart with the gap up and stay up it had Friday. But as I've said many times, I'm new at this. But I feel as though it should stay above $16.35 while it builds a new base to launch higher from.
@Montana- Have you read Livermores book? You commented on by the time the jobs report had come out the move in metals had already started. Livermore commented on how the market operates in the future. Insider trading? Gut feelings which Livermore commented on, which I've had and ignored. May never know, but the charts sure tell the story on what's happening. I view the screeners and charts even though I don't have the funds to buy, just to sharpen my ability, write the stocks down I like and watch them. But, back to PM. I've always thought silver was the place to be since back in the 80s. Wish I'd been buying up physical this whole time, but what I had bought I sold years ago for a much smaller profit than I think will eventually come to pass.
I check this thread everyday to read up on what the members are thinking and compare what they think to what my opinion is. Course, I put a lot of value on yups input and also appreciate Ed's as well, even though I don't always understand what you're saying. But I do get the overall picture.

Just a few quick observations for next week.

Gold came into the low end of that range going back to mid February and got a big bounce on Friday. For now watch and see if there is follow through this week, over 1246.10 gets higher into the range. Looks for now we are running the range at 1200s on the low end and 1260s on the upper end, roughly

Silver- pretty clear, again, that from February, resistance at 16s has, for now, become support. Silver tested the high 15s and bounced hard. Let's if silver receives follow through this week, first area in price to look for is clearing or getting above 16.47.

Gold and silver remain range bound until they make fresh yearly lows. Learn to spot and identify what moves are moves within a range and which are setting for a break out to new highs. Until you figure out that out, you will be lost.

The observations are-

Miners look good. Watch and see if the gold, silver names that really pushed higher Friday can make fresh 52 highs. Those names include FNV, ABX, NEM to name a few. These are your true market leaders of the gold mining category. On the silver side, as an example, look and see if this coming week SLW, PAAS to name a few, can make fresh 52 highs this week.

Lastly, there were gold and silver miners making fresh 52 highs, which again, in case you continue to have doubts that we are in an uptrend despite the pull back, on Friday we had these names makes FRESH 52 highs. they were-

AEM - gold miner
AKG- under 10 gold miner

SSRI- silver miner

For me, I can care less about jobs reports, what the Fed says, its all meaningless and means absolutely NOTHING. I'll be banking coin while everyone wastes their time wondering about jobs reports, the Fed, why the market is going no where, etc. Experience tells me all I need is price action to pay attention too while people wonder about the "why".

I will be surprised if we just chop sideways for next few weeks.

I said " I don't short and that's where the trades are IMO outside PM's."
For the record I must state that my opinion is that: Short is NOT where the trades are outside PM's.
Nice follow through this AM. It's going to be interesting what Yellin has to say today.
ED

I added to my core holdings by buying a little AG, First Majestic silver at $11.76 I hate to add so close to the 52 week high but I hate being totally out more. Still have dry powder for more GPL and AG and a little more EXK if I can afford it all.
Ed