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

Talking text stocks... NVIDIA or NVDA was on my list.. with regret I didn't get in .. still looks good but I'm on the sidelines on this one waiting for a market "correction" and I might come in on this one....

Ok, quick summary here.


After the big October dip, gold and silver had some pretty deep drops. Seasonality was confirmed by price in October, as they drove down. From there, all the naysayers came out in droves, from the general public and fellow traders. However, gold and silver started to turn later on after that dip and in 2 weeks time they find themselves getting back into that gap down from October 4th.

Gold




Big gap down on October 4th. The public freaked out. Some traders came out saying "see, the downtrend was never done." Silly talk. ANY ASSET HITTING YEARLY HIGHS IS IN AN UP TREND. Capitals used for emphasis. In uptrends, especially with one that has tons of overhead supply, will have deep pull backs, especially commodities. Don't be fooled.

Look at the chart, between the two blue lines. A nice range formed and broken higher. The buying continues, almost into the gap.

Expect some back and forth soon, even a pull back from here. REMEMBER: price has has memory. Therefore, certain levels will be resistance and sellers will step in. So be patient and just watch the price action. Allow TIME to do its thing. One important to trading and investing is the element of time. Time allows the buying and selling to go through its process. Be patient and dont rush with your opinions, keep them to yourself. If gold wants to roll over, the price action will show us. Until it does, dont get ahead of yourself.


Silver




Same thing as with gold. Tho it has lagged gold, silver is fighting back into the gap. Notice the two green arrows. That gap from October 4th is close to being filled. As they say, "ALL GAPS GET FILLED". In this case, the gap down is being filled. It is like a magnet or a vacuum with sucking action. Again, like with gold, expect a tussle soon, expect pull backs.

Silver, like gold and really this is a common pattern, price formed a range, broke higher and again, whatever direction a range is broken, that is the ultimate direction of price, in this case HIGHER versus the break lower of the range in October 4th. The element of time is present, as over 2 weeks silver, just like gold, has worked higher.

Again, just with gold, EXPECT a tussle. prices probably are going to pull back soon or around here, especially with the gap fill very near. Dont freak, keep calm. Again, do not speculate until you have the facts expressed via price action.


Finally, let me repeat. The precious metals do NOT give a darn about politics. They dont give a darn if Hill or Trumpy win. They are in up trends and are going higher no matter who wins. Don't waste your time with over thinking things here. Do not try to think that you opinion can "Trump" ( pun intended) price action. You can never ever beat price action. It will humiliate you if you go against it. Just follow price, which again, is an up trend for gold and silver.


The up trend in commodities is here. oil, sugar, soybeans, coffee, cotton to name a few, are ALL in up trends. If you pay attention closely, they ALL have had some nasty pull backs that would scare the heck out of you if you are a novice or inexperienced and not aware that all commodities pull back with some serious down ward price action.

However, instead of finding a narrative to fit whats happening, just remember this simple rule. Assets hitting yearly highs are in up trends, assets hitting yearly lows are in down trends. They will follow that move, even if they have counter trend moves. Furthermore, the longer the trend that was previously in place, it will present the current trend in change with more obstacles. It doesn't mean that overall trend that has started has changed.

Many times, the element of time is needed to let things smooth over. Don't think for once that price action is lying to you or has it wrong. Price is TRUTH in financial markets and it will NEVER EVER lead you down the wrong path.

here comes the pull back, I told you would happen. sometimes this stuff gets so predictable and boring lol

@cascade

I have no idea. I just follow price and it this was so obvious to me, a pull back loomed. The uptrend in the PMs is ugly. Not beautiful like this puerto rican girl I know.

Eventually, we should get a smooth run. However, we have 4 years worth of over head supply in gold and silver and we are going to see these pull backs.


in any case, metals are in an up trend no matter who wins. I cannot be more clear- gold and silver do NOT care about who wins.

@Trout

yea, I pretty much expected this and should be considered just as a breather, a pull back for the metals after the tear they have been on.

For you dip buyers, if you feel the urge to buy and feel like you were left out by the ramp up over 2 weeks, just be patient, let some selling take place then dip your toes.

Remember too, if you are buying numbers, buy the miners who had a good ER reaction and are pulling back.

As a side point- you are going to hear some stupid, silly, worthless nonsense talk from the financial news media saying how the market is bouncing back due to this Hillary news. Beware is it not factual. The reason the market is bouncing is technical in nature after being down for many days.

The SPX broke its range over 2 weeks ago, before all this news. There are other reasons the market continues to drop for now and it is not politic, rather most of it seems to happening because of central bank policies and the coming interest rate hike. dont get caught up in the hype

*YAWN*

nothing to see, run along. I hope you all been buying a little bit in front of this. If you didnt, again, this is not the week to buy.

Let gold and silver come in if you are a dip buyer. Remember too, dont go overboard when you do buy, just nibble.

Gold Nearly $40 Higher As Trump Doing Much Better Than Expected in U.S. Election

Tuesday November 08, 2016 22:20


http://www.kitco.com/news/2016-11-0...lection.html

It looks like Trump will get in. $1400 gold and $20+ silver by Thanksgiving. Probably. :)