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Yellow Jacket Join Date: Oct 2011
Posts: 2,053
Liked: 925 times | ![]() Charts from lemetropolecafe.com ![]() ![]() |
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Golden Cockroach Join Date: Oct 2011 Location: In Scrooge McDuck's vault
Posts: 7,103
Liked: 2456 times | Old school breakout formation: ![]() j/k - it really feels like the metals are about to pop, but honestly, I expect most buying to be done in the physical market, so I'm not sure what to expect from the paper market.
__________________ The journey of a thousand miles begins with a single step. - Lao Tzu Important stuff: PMBug 101 * Forum Guidelines * Support PMBug |
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Ground Beetle Join Date: Oct 2011 Location: Here, There, and Everywhere
Posts: 633
Liked: 388 times | Here is a recent long term view of gold. Note that there is still some downside potential before it breaks out. I suspect that we will see another downdraft before we see a breakout to the upside. . Last edited by mmerlinn; 12-12-2011 at 12:15 PM. Reason: Resize image. |
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Golden Cockroach Join Date: Oct 2011 Location: In Scrooge McDuck's vault
Posts: 7,103
Liked: 2456 times | mmerlinn - I like using tinypic.com to upload images to the web. tinypic will let you resize the image during the upload process and it's free - no membership required.
__________________ The journey of a thousand miles begins with a single step. - Lao Tzu Important stuff: PMBug 101 * Forum Guidelines * Support PMBug |
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Ground Beetle Join Date: Oct 2011 Location: Here, There, and Everywhere
Posts: 633
Liked: 388 times |
Regardless, I did figure out how to get a decent sized image up as you can see. | |
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Ground Beetle Join Date: Oct 2011 Location: Here, There, and Everywhere
Posts: 633
Liked: 388 times |
How far now? Looks like 1550 gold before Christmas to me. If silver follows, and there is no reason to believe otherwise, silver at 26 is a very real possibility. Probably the last buying opportunity for months or years below 1700 for gold and 30 for silver. Time to dig out the dry powder. | |
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Moderator ![]() Join Date: Oct 2011
Posts: 1,059
Liked: 459 times | Unless the fed does something dramatic tomorrow, i think we see 1614 again.. The only thing that makes me cautious about calling for a big drop is that we don't have big volume. |
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Yellow Jacket Join Date: Oct 2011
Posts: 2,053
Liked: 925 times |
QE3 won´t be announced. Maybe the ease collateral requirements like the ECB did. | |
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Yellow Jacket ![]() Join Date: Nov 2011 Location: Floyd, Virginia
Posts: 1,682
Liked: 1233 times | ]I draw my trendlines a little different. Any of my trading systems - which have all done better than buy/hold this year - have been screaming "get out" for a little hile now. Since I think this is "transitory" I didn't - but picked up some GLL a few days back, which has looked like a good move. Time will tell - usually when you let your gut override a good system, you lose. gld2.jpg My trendlines skip most of the outliers caused by panic one way or the other, since reversion to within them has been very reliable. That's one reason I didn't jump out here. I did get faked out on the false breakout, sigh, but didn't lose much trading it. Gee, looks like I could use a tip on how to resize images nicely for this board. Jpeg, after scaling to get into 90 something k, looks like crap, and only shows as a thumbnail. So I tried a .gif, like above, only to have the board convert it to jpeg which looked even worse - and still shove it into a thumbnail instead of a nice looking inline pic. Any hints? Last edited by DCFusor; 12-12-2011 at 01:23 PM. |
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PM Bug Supporter ![]() Join Date: Oct 2011 Location: SE USA
Posts: 1,275
Liked: 691 times | Hey, thanks guys for helping me to get an opportunity to buy a wee bit more gold and silver for cheap upon my return. I really appreciate the favor! Although if you would take Au down another $40 - $50 that would be even better too. Thanks in advance! ![]() and ![]() too! |
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Yellow Jacket Join Date: Nov 2011 Location: Waaay south
Posts: 3,370
Liked: 2046 times | Since this morning, Silver has stabilized a lot. i think we had some institutional players get nervous and yank some paper. This is definitely not organic physical sales, it's paper. Probably leveraged paper at that.
__________________ All things being equal, the simplest answer is quite often the correct answer - Occam |
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Ground Beetle Join Date: Oct 2011 Location: Here, There, and Everywhere
Posts: 633
Liked: 388 times |
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Predaceous stink bug Join Date: Nov 2011 Location: USA
Posts: 239
Liked: 98 times | IMO silver has more of a descending triangle (or flag) pattern which is typically bearish. Not only that but volume has seemed to decrease in the last few months. RSI above 40, no where near over sold, I think we could see more of a pull back in the paper market. But stay positive, this is a gift (probablly from the JP Morge) for us to use for our benefit. Be patient and get your hands on the physical and be prepared for dips. |
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Golden Cockroach Join Date: Oct 2011 Location: In Scrooge McDuck's vault
Posts: 7,103
Liked: 2456 times |
__________________ The journey of a thousand miles begins with a single step. - Lao Tzu Important stuff: PMBug 101 * Forum Guidelines * Support PMBug | |
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Yellow Jacket Join Date: Nov 2011 Location: Waaay south
Posts: 3,370
Liked: 2046 times |
__________________ All things being equal, the simplest answer is quite often the correct answer - Occam |
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