Since gold prices tested two times the 130.75$ support (GLD), thus forming a double bottom pattern acting like a potential bottom i have been buying metals. Nevertheless, current price action this week rejected 3 times 136.7$, consequently acting like resistance (Fibonacci 50% + EMA 34 daily). I have sold all my position and on metals and miners and found myself confused for a while...
I decided to step back and just review some basic points:
-Gold Miners were neutral to upward bias for the major part of the week but still prices didn't push higher
-Volume didn't confirmed the double bottom formation
-Silver has been the weakest performer in this downtrend as much as i know
Since my gold analysis still tells me to buy as long as gold doesn't cross 125 dollars (GLD) i decided to make a more thorough analysis of it's cousin: silver.
I hope you can easily read the chart but basically this suggests another leg down in silver and metals in general. i would recommend to buy silver around 17.84$ to 18.25$ if you are looking to go long on silver. This is from my point of view only, but i am sure this will act as a strong support from its 2 years downtrend.
I hope this has helped some of view and don't hesitate to send me feedback since i may not seeing this the right way
I decided to step back and just review some basic points:
-Gold Miners were neutral to upward bias for the major part of the week but still prices didn't push higher
-Volume didn't confirmed the double bottom formation
-Silver has been the weakest performer in this downtrend as much as i know
Since my gold analysis still tells me to buy as long as gold doesn't cross 125 dollars (GLD) i decided to make a more thorough analysis of it's cousin: silver.
I hope you can easily read the chart but basically this suggests another leg down in silver and metals in general. i would recommend to buy silver around 17.84$ to 18.25$ if you are looking to go long on silver. This is from my point of view only, but i am sure this will act as a strong support from its 2 years downtrend.
I hope this has helped some of view and don't hesitate to send me feedback since i may not seeing this the right way