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Topic: Oct8,2017 silver possible bottom (Read 369 times) previous topic - next topic

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Re: Oct8,2017 silver possible bottom
Reply #15

Here are some more chart thoughts on silver. First the latest up swing has been on diminishing volume, but the share price trace is staying above the up sloping support line and it is well above horizontal support and looking like it could break through the down trending resistance line. MACD is at mid line sloping ever so slightly up with little if any separation, so no direction indicated there. The BB curve seems to show the beginning of a potential derivative change to the positive. Generally, the share price recently has printed higher lows, but that is contrasted with recent lower highs.
I have read three of four articles lately that suggest a capitulation low is yet to be painted on PM charts before we commence a spectacular bull run. This is a link to one with decent supporting arguments and charts (http://thefinancialtap.com/2017/11/gold-on-ledge/ ). A serious drop is always possible, but looking at potential manipulative PM take down over this week, suggest a continuing trend of more power needed for less effect, therefore we might avert another low paint. Peter Schiff is making noise about the next blow up being worse than the financial crises and claims there is nothing the fed or government can do about it. To that, I would not underestimate the fed's creativity. He also makes the claim the government will start to inflate away the debt. It is important to understand the fundamentals of his claims. Article here:  https://usawatchdog.com/mother-of-all-bubbles-too-big-to-pop-peter-schiff/
First inflating away the debt does not necessarily mean paying it off with near worthless dollars, rather it could most likely mean not paying down the balance, but deflating the wealth represented by the debt through inflation which raises taxes in our progressive system making servicing the debt a smaller budget component overall. The effect is government taking more wealth from the private sector transferring it to wealth destroying government spending, only to exacerbate the basic problem long term. The only way to protect your wealth is to own and have in possession real wealth retaining assets that do not have counter party. Certainly storing wealth in dollar denominated assets is foolish.




  • ken
  • [*][*][*][*][*]
  • Global Moderator
Re: Oct8,2017 silver possible bottom
Reply #16
What do you make of the silver pattern today? Anyone?

Re: Oct8,2017 silver possible bottom
Reply #17
What do you make of the silver pattern today? Anyone?

Taking a look at this I don't like the pattern today with Silver and Gold showing bearish wicks while the JPY displays a bullish tail. JPY is right on its 50 day line. GDX, SLV and YCS BB bands are all closing in. Right now all this looks to be pointing to a break in favor of the yen to me. I'm on the side with Nikko. I don't trust conditions right now and for the most part what is achieved is 2 times lost on the sell. Caution. GL.

  • ken
  • [*][*][*][*][*]
  • Global Moderator
Re: Oct8,2017 silver possible bottom
Reply #18
What do you make of the silver pattern today? Anyone?

Taking a look at this I don't like the pattern today with Silver and Gold showing bearish wicks while the JPY displays a bullish tail. JPY is right on its 50 day line. GDX, SLV and YCS BB bands are all closing in. Right now all this looks to be pointing to a break in favor of the yen to me. I'm on the side with Nikko. I don't trust conditions right now and for the most part what is achieved is 2 times lost on the sell. Caution. GL.

200 day right below the 50 and heading up

Re: Oct8,2017 silver possible bottom
Reply #19
Loos like silver came down, touched the 50 DMA and is now back above the 200 DMA.
Staying above these is important for the short term.
For Entertainment Purposes Only.

  • Nikko
  • [*][*][*][*][*]
Re: Oct8,2017 silver possible bottom
Reply #20
still think the Dec lows will be broken in miners as well as silver...then when the capitulation happens, we will have a rocket ride we all expect.
I am positioned all cash with some shorts in the miners...I own my physical gold from 900 which for me is cash...I don't trade it...spend it from time to time when needed.
Even for the diehard bulls, I wold strongly advise not to be on margin, as well to raise a bit of cash in case my scenario plays out.

Re: Oct8,2017 silver possible bottom
Reply #21
Loos like silver came down, touched the 50 DMA and is now back above the 200 DMA.
Staying above these is important for the short term.

An additional workup for silver. Looks like like Tuesday / Wednesday could be significant.


  • CLARKBAR
  • [*][*][*]
Re: Oct8,2017 silver possible bottom
Reply #22
CHARTIST DOES HIS HOMEWORK and I BELIEVE HIS THOROUGHNESS WILL PROVIDE HIGH GRADE RETURNS~! 
http://www.gannglobal.com/webinar/2017/11/17-11-20-Video-6-Offer-Is-Open-EWI.php?inf_contact_key=28daa80f0d70887c9a8ced278c2879fca3bbf9101171d4b162e6351476e5fc96 


A TRIPLE.. of say.. $60/Oz. ?  That would brighten a number of little stocks.. would it not?

Re: Oct8,2017 silver possible bottom
Reply #23
Watching this play out today, I'm seeing buying interest in gold and silver pointing towards a reversal before the days end. Unfortunately the yen's setup is really looking good for continuation. Unless there is a significant reversal before the close today I'd have to say the current setup for a reversal is a "fakeout" and gold and silver are likely to drop further against a strong yen.  Seeing some further strengthening in the yen at this post. GL. Hope things will work out well, but maybe not.

  • ken
  • [*][*][*][*][*]
  • Global Moderator
Re: Oct8,2017 silver possible bottom
Reply #24
Watching this play out today, I'm seeing buying interest in gold and silver pointing towards a reversal before the days end. Unfortunately the yen's setup is really looking good for continuation. Unless there is a significant reversal before the close today I'd have to say the current setup for a reversal is a "fakeout" and gold and silver are likely to drop further against a strong yen.  Seeing some further strengthening in the yen at this post. GL. Hope things will work out well, but maybe not.
USDJPY 50 day overshot 200 day.  RSI at 45. Not good.

  • Nikko
  • [*][*][*][*][*]
Re: Oct8,2017 silver possible bottom
Reply #25
Clark, interesting video you posted. I totally agree with what he saying. I fear capitulation will come with tax loss season in miners. My shorts are doing really well at the moment and have a really risky naked put ( although my downside is the pice of the put )
Bought 100 contracts GDX March 20 ( .40 )
Bought 25 contracts GDX March 20 ( .35 )
This is a longshot but if GDX breaks the Dec lows of 19..in Dec or Jan, these will be worth 1.50-1.75.

  • CLARKBAR
  • [*][*][*]
Re: Oct8,2017 silver possible bottom
Reply #26
Nikko, yes, GANN is hard to ignore when setting up a trade and I believe that your being 'short' this market works because of your great attention to the action and daily outcomes analysis The thin line between a trading win or loss is merely the difference between the quick and the dead.

Re: Oct8,2017 silver possible bottom
Reply #27
One more week at most and we should be done with this consolidation.
For Entertainment Purposes Only.

Re: Oct8,2017 silver possible bottom
Reply #28
not what i had in mind. but hitting the pink.
For Entertainment Purposes Only.