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Posted 28 June 2018 - 10:09 AM
As expected, after the breach of 16.50, Silver now starting to accelerate the decline...
Bulls lost a HUGE battle, and now price has plowed through 6 months worth of base building attempt...
And if 15.70 goes now, the decline could get even uglier and longer lasting...
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 28 June 2018 - 10:18 AM
Sorry to be Debbie Downer...but all I can see on the Silver chart is a massive failure by the bulls at a very key long term pivot spot...and this weekly candle forming looks like a breakaway downside.
5-7 years from now, Silver likely to be a lot higher. But in the meantime, until it can reclaim 16.50, it is dead money again...and could continue to drift lower perhaps for another 18 months or so...
Platinum looks destined to take out the 2008 low now after the massive failure at 910. Could see as low as 600's there before bulls launch serious IT offensive again...
Edited by K Wave, 28 June 2018 - 10:19 AM.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 28 June 2018 - 10:28 AM
K wave, always glad to hear your thoughts, including bearish...
Member
Posted 28 June 2018 - 10:40 AM
yes, take out the december lows in gold and its back to the drawing board. caution is the word.
kwave tell it like you see it. we can handle the truth
dharma
Member
Posted 28 June 2018 - 10:43 AM
K wave, always glad to hear your thoughts, including bearish...
I think this could be final LT leg down, and I see possibility for relentless grind to final low at fairly steep angle of attack...perhaps similar to SOX final wave down into 2008...
After that, looking for rip roaring bull.
And if things improve before then, will be looking to ride that bull with gusto.
But bulls have to get the chart back in bull territory before I commit.
It is physically impossible to have a big bull market with price below both the 200 and 900 MAs...and that Heavy Bomber rejection on massive volume at the conjunction of the 200 and 900 on SLV looks ominous currently...
In any event, methinks we just saw the most important pivot spot in Silver for possibly the next decade or so. When bulls eventually take it out, whether it be a week from now or years from now, I expect a big bull to get under way once they do.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 28 June 2018 - 10:53 AM
Another thing that has me a bit worried to PM prospects right now is USDCHF chart.
This last push up has reclaimed bullish territory on the daily chart, and it looks like another push over 1.00 (only a few cents away right now), could lead to a breakout of a multi-year base. Could easily see 1.20-1.25 in coming months should breakout occur...
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 28 June 2018 - 11:02 AM
If this RPW busts it becomes a continuation pattern.
Member
Posted 28 June 2018 - 11:38 AM
today is the full moon http://www.321gold.com/editorials/moriarty/moriarty062818/1.jpg (chart from mcclellnd) the market feels really heavy. june/july is seasonally the time for a low http://seasonalcharts.com/classics_platin.html
i from from missouri " show me"
dharma
Member
Posted 28 June 2018 - 01:52 PM
hmmm, seems negativity picking up, maybe that is correct stance? Yet I see an extreme oversold condition in gold as daily RSI is at similar area as it was at Dec 2016 low - was that the time to "start" getting bearish? DSI MA's all in low teens. I continue to see miners diverging. Silver still holding around that 15.90-16 area and is deeply oversold as well - most oversold daily since Dec 2017 low. I am sure of nothing, but does it not usually look like this at a key low?
And GDX and GDXJ slightly positive and even weak sister HUI up today. maybr I am dumb and blind but it has not been hard to hold long GDX here.
BSing away
Senor
Edited by senorBS, 28 June 2018 - 01:57 PM.
Member
Posted 28 June 2018 - 03:01 PM
hmmm, seems negativity picking up, maybe that is correct stance? Yet I see an extreme oversold condition in gold as daily RSI is at similar area as it was at Dec 2016 low - was that the time to "start" getting bearish? DSI MA's all in low teens. I continue to see miners diverging. Silver still holding around that 15.90-16 area and is deeply oversold as well - most oversold daily since Dec 2017 low. I am sure of nothing, but does it not usually look like this at a key low?
And GDX and GDXJ slightly positive and even weak sister HUI up today. maybr I am dumb and blind but it has not been hard to hold long GDX here.
BSing away
Senor
yes it does. look like this and negativity rises and you get #s like this • The DSI was unch at 10%.
• The HGNSI was unch at -13.04%. hard for me to join in the pervasive bearishness, , and who knows that might be the right stance. this week is tough. we shall see what happens next. the dec lows are not that distant. maybe they gun for those
dharma
