Near-Term Resistance Level Approaching In Silver
the $33 area should serve as some sort of near term resistance. stochstics and RSI are just now coming out of oversold levels and could indicate silver will bounce much harder.
Silver Looking More Constructive Again
We're playing this very carefully, but Silver did now construct a fairly solid bottom. As of this morning it is moving up to the $35.80 mark again, which has served as resistance on a daily closing basis for the past nine trading days. A move above that level could lead to higher levels. Gold is […]
Friday Afternoon Charting Fun: Gold
A little perspective on the move in gold should go a long way. The inverse head and shoulder pattern that developed from November to March hit it's ultimate target almost to the dime near $153 (on the GLD). After the recent 6.5% correction the GLD found support at the rising 50 day […]
Market Summary – April 27
This here is the martini-hour thoughts newsletter summary sent to premium members. I am posting it today on the public blog here as a sample, but without the charts. Enjoy! Wednesday, April 27 Just as we wrote in the morning line-up letter, the morning ended up fairly boring in terms of pure […]
Watch The Close In Silver Today, Important
After a huge spike in the futures overnight…they were up as much as 8ish%…it almost touched the psychcologically important $50 area ($49.80) to be exact. That was the absolute high however so far today and for the time being at least it looks like silver futures might leave a huge tail today (candlestick with long […]
Copper Looking For Further Upside
I just wanted to reiterate this: Copper is often being looked to as a leading indicator for global economic growth. Whether that's true this time around or not is fairly irrelevant for my note here. Looking at the chart below I note a downward-trending channel that Copper is now looking to break out of to […]
Morning Update, SPX, Metals & More
An early selloff led to a classic intraday double-bottom and ended up with a rally. On the S&P500 daily charts we now have the 50 dma and the critical $1300 right here and looking at the overnight futures (up 0.75% right now) we might open above those two key levels. Whether that ends up being a […]
Silver (SLV) Looking For Further Upside
After a two week 'resting' period silver and gold look ready to party at higher levels. Look at the triangle-shaped consolidation pattern in the chart below. I will be long at the market with stops at $33 and targets at $39. It is of course possible this is some sort of double top, but given […]
Early Monday Apr 11: Weekly Newsletter, Video & more
Good morning folks Hope everyone had a great weekend and is ready for the beginning of earnings season. In overnight action so far equity futures are up around 1/3 of a percent, silver up, gold and most of all oil are down. I sent out the weekly newsletter late last night. Sign up here if […]
Outside Day In Silver
There is an outside day in silver in progress today and I am short the SLV as of late morning. A target at $38 is feasible in the very near term, stop is at today's high of $40.33