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Hi Ho Silver (And Gold) Away!

Posted by Slim, 21 August 2011 · 2,075 views

After endless days of chop, silver finally decided to break out. There could be some opportunities to get onboard the bull train if pulls back to $42, so watch that level for any signs of bullish price action. If it doesn’t pull back to $42, $44.50 - $45.00 could be the next pit stop before $50.

When it comes to gold, the answer to 1984 (George Orwell) is 1776! At the close of trading this past Monday, old yeller provided us with the perfect opportunity to hitch a ride back to $1800 and then some. After a third attempt at the $1730 price zone, gold was able to close solidly around $1765 to form a bullish engulfing candle on the daily chart. I played a break of Monday’s high and was filled at $1776, hoping to hang on until the August 11th high was tested again around $1814.

I was quite pleased to see that $1814 had been reached and then some on Thursday morning. I closed a large portion of my position in the $1820ish area, and with a solid close above the August 11th high of $1814, I knew it was only a matter of time before $1850 would be hit. I have Friday’s close at $1851.55, so $1900 is well in sight—it’s just a matter of time.

Most of the currency pairs are pretty choppy in my opinion, but there are some interesting formations on the daily charts of NZD/USD and EUR/NZD. Kiwi saw a clear rejection of price at $.83 and looks like it wants to test support again at $.80 - $.8050.

And the exotic pair, EUR/NZD has found support at $1.7350 and will probably test 1.7750 again. These pairs are going against their main trends at the moment, so it would be best to manage them very tight. We all know if the “Bernank” whispers the phrase, “QE3” next week, these two pairs could reverse back to their long-term trends in a heartbeat. Trade safe cause pippin ain’t easy.

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Mar 07 2016 09:00 AM

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