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Silver First target Hit. Gold heading towards $900

Daytrader21 Postado 4 Nov  em #Trader's blog #Qe #Inflation #Gold #Silver #Descending Triangle
Silver and gold have been on tears this week and it comes as no surprise here as the Fed finally has put an end to the almighty QE program. Silver has been hitting my first target of $16.66 projected by the October 2011-April 2013 rectangle pattern (see Figure 1). You can check out my last article about silver through my blog history.
Figure 1. Silver Weekly Chart

It is no surprise that after Silver broke last month key support level of $18.20 it was just a matter of time for gold to follow suit…
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Metals Outlook. Silver Leading The Way Down

Daytrader21 Postado 22 Set  em #Trader's blog #Silver #Descending Triangle #Projection #Metals #Commodity Market #Seasonality Cycles
If last week was all about the FX move, this week the metals are going to be on the front page. With silver breaking key support level at $18.20 this marks the stage for further downside movements. Silver was developing and completed an descending triangle over the last 1.2 years. I've been speaking about this developments in the silver market more than 5 months ago, making the case for a break lower, you can find that post in my history blog post.
Figure 1. Silver Weekly Chart

Sin…
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4 Comentários
Metal_Mind avatar
Metal_Mind 22 Set

your ability to analyse & your writer skills are top notch...as always.

Daytrader21 avatar
Daytrader21 22 Set

Metal_Mind yoooo bro, thanks:)

JuliaBF avatar
JuliaBF 23 Set

good article)))) well done!

Olga18375 avatar
Olga18375 23 Set

Thank you!! Useful information for me and traders))!

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Let's talk Silver

Daytrader21 Updated 16 Abr  em #Trader's blog #Gold #Silver #Descending Triangle #Long Term View #Secular Bull Market #Cup Handle #Rectangle
In my blog I've only been talking about gold and you can find some of my comments and if you what my view on gold you can read here: Gold - Next Move and here Gold Outlook.
First of all I just want to make it clear this is my long term view on silver and not trying to forecast the next $1-2 move. In this regard I'm going to bring to your attention 2 long term charts to back up my bullish view on silver. First chart represents spot NY silver weekly closing price from January 1975 through April 20…
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Jignesh avatar
Jignesh 16 Abr

I thought for sure you'd say that the support was gonna hold and I'm thinking wow that's the first time our view point is different!  I missed my entry in GOLD yesterday by $3. Targeting $1050.  What target do you have for Gold?

Daytrader21 avatar
Daytrader21 16 Abr

It's very hard to tell if current bottom level in gold will stay intact or if we're going to have another shake-out of weak hands, but I guess the extreme pain level would be below the psychological $1000 level, where the majority will give up on gold. However I'm only expecting a major move to the upside to start by the end of the year, as I'm expecting the current sell of from September 2011 top to complete a pi cycle of 3.14 years.

Jignesh avatar
Jignesh 16 Abr

Initially I expected a breach of 1000 as well.. but I'm making the assumption that there would just be too many buyers at that level.  There's a triangle in play on the Gold chart as well.  At least that's how i'm viewing it.

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