hope you are right ... I am a tad long gold and silver going into tonights trading in Asian time zone might be willing to average down a teeny bit in either should one or the other show some relative strength or if either are down slightly with the euro and crude higher in early trade but am also of the opinion that there is a chance everything could go lower including equities in and if so I am going to look to have a bias to shorting the market at least for a few hours
Added 1 full Silver Contract @ 13.11 today as well. (SIK7) Sure looks like todays dump was a planned event to shake out weak funds. V reversals like this precludes major price advances from prior experience. XAU/HUI also showing strength while the metals were getting pounded.
Out 2 @ 671.50. Lack of momentum on this uptrend is very weak and getting weaker. Both gold/silver trading in a tight range since 3/19. A break is due sooner or later.
finally got the breakout today. Even though I sold 2 of 4 contracts yesterday, this essentially ended up as a margin swap for the full silver contract. target remains 720-750 by May with silver @ 15 or so.
I'll be looking for retest tonight for cash gold down to 670.50 and silver at 13.48. After the metals breakout of their consolidation periods, it is normal to see prices back away down to their respective breakout ranges. The ensures that the major market entities are able to cover and then enter on the long side. I'll likely add another GCM and SIK if we get down to these areas by tonight. What was resistance is now support...
I'm suprised it's held up as well as it has today. I was long one silver from 13.40, sold off today and then bot another one on a dip. Wondering if I should sell this one and wait for a possible retracement tonight, or just hold on and think about adding.
Personally I would keep what you already have and look to add IF we get a retrace. i'm not holding my breath as TOCOM could open higher from here. 1st support in cash gold comes in around 671.3 then 670.5, silver around 13.5
there was a while there where asia would take silver overnight and run it up another 20 or 30 cents and then hand it back off... been a while since weve seen any material moves like that overnight though..
Well, I closed out a mini silver and a full-sized one shortly before close today at 13.65. Took out two full-sized May Silver at 13.62. I think if I add or replace from hereon, it will be July silver. We shall see.
there's a good chance that silver will close in on 14 next week. my target for silver on this move could extend to 16.5-17 depending on seasonal demand. July Silver is good to hold if you intend on staying long for a while. I stick with the May contract as I will likely sell SIK7 when the target gets closer. I also look for short opportunities with Silver near the swing high as silver gets bombed for a few days thereafter. We are likely to see $20+ this year though so short opportunities will be an ultra short term deal.