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I'm no chartist, but I'm seeing resistance at $21.00...

JulioJulio Posts: 2,501 ✭
in Precious Metals
it will soon fall IMO. Take care. jws
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Comments

  • rickoricko Posts: 98,724 ✭✭✭✭✭
    I make no predictions.... just enjoying the ride.....image Cheers, RickO
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    21 will bring a lot of metal to the market, be prepared for a decline.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭
    $21+ now
    theknowitalltroll;
  • JulioJulio Posts: 2,501 ✭
    We'll see if it closes at $21+. That would be a good sign. Take care jws
    image
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    $21 may make some more physical available, but $25 then $35 are the points where the bigger majority are buried and would flood the market with product to mostly break even.
    Sure there's people here who are into it far less, but realize that they/we are the minority. There's a lot of 1 timers out there that bought heavy from $25 to $35 that are po'd and would sell it all if it got to that point just to get their $ back.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • jmski52jmski52 Posts: 22,858 ✭✭✭✭✭
    There's a lot of 1 timers out there that bought heavy from $25 to $35 that are po'd and would sell it all if it got to that point just to get their $ back.

    I dunno. Isn't that true in most markets that have declined for awhile? The thing about silver is that it's not a huge market in terms of capital valuation, especially when compared to stocks and/or bonds.

    When interest in the silver market is low, I tend to think it's a non-event. It's when interest starts to pick up - that the price moves big in a positive direction. The market psychology does seem to be changing now - favoring the metals a bit. We shall see...

    TPTB have been really good at managing inflation expectations while QE'ing the stock market to all time highs. That is the crux of the debate around here - why haven't the metals benefited in the same way that stocks have obviously benefited from QE?

    My opinion is that there are so many paper investment vehicles that hinge upon each other and are intertwined to the extent that it can never be unraveled. I think that the instigators are fully aware of the problems that have been caused with derivatives and that the only way to bandaid the problems is to create more paper fluff and to cover up the problems as they go. I also think that most of our former allies and trading partners know what's going on, and that many of them "want out". I think that when the unraveling does happen, all paper-based assets (and the people who own them) are going to be in serious do-do.

    This is a problem that can't be solved until a devaluation/revaluation and legal house-cleaning takes place. It's a real problem, and it will come to affect people's view toward silver as real money at some point. My opinion.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • JulioJulio Posts: 2,501 ✭
    "$21 may make some more physical available, but $25 then $35 are the points where the bigger majority are buried and would flood the market with product to mostly break even.
    Sure there's people here who are into it far less, but realize that they/we are the minority. There's a lot of 1 timers out there that bought heavy from $25 to $35 that are po'd and would sell it all if it got to that point just to get their $ back" POM

    While there will be many sellers if/when we go through the different resistance points; don't forget the strong appeal to jump on the bandwagon. I believe new buyers will prove adequate, jumping on the train, before it leaves the station, to sustain a rally. Much like the last time. Take care. jws
    image
  • onlyroosiesonlyroosies Posts: 3,294 ✭✭✭✭
    Solid break through at 21. Next stop 21.50 then an easy ride to 22
  • carew4mecarew4me Posts: 3,471 ✭✭✭✭


    << <i>it will soon fall IMO. Take care. jws >>



    "it will soon rise IMO" - I must have missed that post a few weeks back image

    Loves me some shiny!
  • cohodkcohodk Posts: 19,132 ✭✭✭✭✭
    Me either, but I like 25 as solid resistance.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • JulioJulio Posts: 2,501 ✭
    << it will soon fall IMO. Take care. jws >>

    $21.00 fell. Even a blind hog gets an acorn every now and then. image. Come on $25.00. Take care. jws
    image
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    current Relative Strength Index of 80 indicates it is overbought at the moment.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • JulioJulio Posts: 2,501 ✭
    derrb, it may be. My gut tells me it will not remain overbought. I see $25.00 and it's not in my dreams. Take care. jws image
    image
  • JulioJulio Posts: 2,501 ✭
    Will there be more buyers than sellers to support a continued rise? I say yes. We shall see. Take care. jws
    image
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,294 ✭✭✭✭✭
    There's more resistance in people's minds than there is in the market.
  • OPAOPA Posts: 17,121 ✭✭✭✭✭
    I feel like I'm looking at an engine trying to climb a hill, but halfway up, it keeps running out of steam.image
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    midmorning Thursday price is where it was 24 and 48 hours ago. Stability is a good sign.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • JulioJulio Posts: 2,501 ✭
    Bingo derryb. I'm naive enough to rely on my gut. image. Take care.
    image
  • leothelyonleothelyon Posts: 8,461 ✭✭✭✭✭
    So what's up with the down swings after the US closes in the afternoon? The rest of the world's markets are not able to keep up? Is this called resistance? I realize, for silver, it's only 30-45 cents difference but why don't the foreign markets keep the prices up?


    Leo

    The more qualities observed in a coin, the more desirable that coin becomes!

    My Jefferson Nickel Collection

  • JulioJulio Posts: 2,501 ✭
    Leo, the foreign market is thinly traded. Some would say, "easier to influence". Keeping that in mind, tonight may provide an opportunity. I'll be watching closely as the AMPEX prices follows the evening action. Something I often take advantage of. Take care. jws
    image
  • JulioJulio Posts: 2,501 ✭
    My gut really liked todays close. Let's see how big the buying opportunity is tonight. Trick is, knowing when to pull the trigger. Take care. jws
    image
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    Oil and silver prices are closely aligned in the long term. Does one see oil going up or down?

    This very important chart points out the seriously overbought condition in silver when it's price exceeded the moving average of oil, followed by the sharp decline (correction) in silver price. I believe the chart is now showing us a seriously oversold condition in silver. Barring a rapid decline in oil I would not be at all surprised to see silver price pop above the silver price moving average; $30-35 by the end of the year is entirely possible. A rapid increase in oil could result in even more promising results. Keep an eye on oil (and what drives it) and you may very well have a good focus on silver. Keeping the other eye on the silver's inversely related dollar index will provide further insight. Watching silver alone will only make you a dollar short and a day late.

    While RSI currently indicates short term silver declines, I now believe they will be short lived and have reversed my negative short term outlook for silver. Until effort to strengthen/protect the dollar is demonstrated (or when pigs fly) I remain long term bullish on all precious metals.

    image

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • JulioJulio Posts: 2,501 ✭
    Nice chart derryb. Take care. jws image
    image
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    Looking at the oil to gold relationship, does this chart tell us that oil is overvalued or that gold is undervalued? Or maybe a bit of both?

    image

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

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