MY SHORT SETUP ALREADY PLACE ONE WEEK AGO.
NOW I TRAIL STOP FROM 1300 TO 1281
What’s inside:
Gold continues to find rejection on attempts to hold above 2011 trend-line, below support now
Silver double reversal days in line with gold
Looking for silver to drops towards confluence zone of trend-lines in the vicinity of 16.25/20
What’s driving precious metals?
Lately, we’ve been looking to gold for cues as to how to handle silver given the significant play surrounding the all-important 2011 trend-line. Gold crossed above on a daily basis last week, but the nasty weekly reversal bar put the brakes on a major breakout. On the day of the FOMC this week gold was rallying strongly again from support around 1260 until after the announcement, where it then reversed swiftly and put in a strong key reversal bar off a backside retest of the May trend-line. Momentum carried through into yesterday’s session and pushed gold below the 1260 level. This has our attention shifted lower with the 1260s acting as resistance. A close above yesterday’s high at 1267 would put a wrinkle in the near-term bearish outlook. Trend-line support from December is next up as the downside objective, the 200-day, and then March/May t-line. But as long as gold stays below prior support turned resistance, the bias will remain neutral at best.
NOW I TRAIL STOP FROM 1300 TO 1281
What’s inside:
Gold continues to find rejection on attempts to hold above 2011 trend-line, below support now
Silver double reversal days in line with gold
Looking for silver to drops towards confluence zone of trend-lines in the vicinity of 16.25/20
What’s driving precious metals?
Lately, we’ve been looking to gold for cues as to how to handle silver given the significant play surrounding the all-important 2011 trend-line. Gold crossed above on a daily basis last week, but the nasty weekly reversal bar put the brakes on a major breakout. On the day of the FOMC this week gold was rallying strongly again from support around 1260 until after the announcement, where it then reversed swiftly and put in a strong key reversal bar off a backside retest of the May trend-line. Momentum carried through into yesterday’s session and pushed gold below the 1260 level. This has our attention shifted lower with the 1260s acting as resistance. A close above yesterday’s high at 1267 would put a wrinkle in the near-term bearish outlook. Trend-line support from December is next up as the downside objective, the 200-day, and then March/May t-line. But as long as gold stays below prior support turned resistance, the bias will remain neutral at best.
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