What do you make of the silver pattern today? Anyone?
Quote from: ken on November 15, 2017, 12:51:24 PMWhat 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.
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.
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.