GOLD AND SILVER UPDATE FROM CHIEFSWORLD 16 JUNE 2011
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CHIEFS WORLD
Jun 15, 2011, 10:58:48 PM6/15/11
to chiefsworld
Gold - A whole lotta noise today and not much trending one way or the
other.
A correction in essence is the result of two trends, bull and bear
fighting over price supremacy. We witnessed plenty of fight today! An
impulse on the other hand is the show boating of the clear winner.
The 3/10/20 is neutral with a daily close under the 20dma.
The downtrend will likely be busted with a move back above 1543
tomorrow, any intra-day move above 1549.62 will absolutely confirm a
kill of any impulses to the downside.
With that said, remember the Blue base channel? it still has not been
broken, no significant impulsive shots upward until that upper channel
line is taken out. That line is currently above at about 1558.
Looking at the Weekly, a bullish hammer, or dragon fly doji is
possible if Friday closes the day at or above 1530. Such a move could
lock in a trade-able bottom at 1510 going into next week.
1497 to 1508 is still a very key support area, any further downside
that breaks this zone is likely to perpetuate further selling into the
previous wave 3-4 zone of 1308 to 1430.
Keep in mind that the 3% pull back maximum that I like to give to a
impulsive uptrend is at 1506.88.
Silver - Came up to test resistance at 36.00 as anticipated, but ended
the day as an indecisive spinning top candle.
The 3/10/20 is clearly in a MT bearish alignment, with daily close
remaining below the 10 ema (36.05). no point on getting to excited
about uptrends until the 3/10/20 at least turns neutral.
Intra-day extremes may find resistance at the 20 dma (36.58).
A slightly larger triangle pattern is visible, wave (e) up to a zone
of 36.60ish to 38.00 is possible, but then a large move down to 27.50
to 30.00 as we discussed previously. This pattern will likely die in
favor of more immediate downside if silver moves below 33.73. sooner
than later. This bearish triangle pattern would be disrupted with more
bullish possibilities with a shot above 38.86.
WATCH REAL TIME MCX GOLD RATES ON
www.livegoldrates.tk
other.
A correction in essence is the result of two trends, bull and bear
fighting over price supremacy. We witnessed plenty of fight today! An
impulse on the other hand is the show boating of the clear winner.
The 3/10/20 is neutral with a daily close under the 20dma.
The downtrend will likely be busted with a move back above 1543
tomorrow, any intra-day move above 1549.62 will absolutely confirm a
kill of any impulses to the downside.
With that said, remember the Blue base channel? it still has not been
broken, no significant impulsive shots upward until that upper channel
line is taken out. That line is currently above at about 1558.
Looking at the Weekly, a bullish hammer, or dragon fly doji is
possible if Friday closes the day at or above 1530. Such a move could
lock in a trade-able bottom at 1510 going into next week.
1497 to 1508 is still a very key support area, any further downside
that breaks this zone is likely to perpetuate further selling into the
previous wave 3-4 zone of 1308 to 1430.
Keep in mind that the 3% pull back maximum that I like to give to a
impulsive uptrend is at 1506.88.
Silver - Came up to test resistance at 36.00 as anticipated, but ended
the day as an indecisive spinning top candle.
The 3/10/20 is clearly in a MT bearish alignment, with daily close
remaining below the 10 ema (36.05). no point on getting to excited
about uptrends until the 3/10/20 at least turns neutral.
Intra-day extremes may find resistance at the 20 dma (36.58).
A slightly larger triangle pattern is visible, wave (e) up to a zone
of 36.60ish to 38.00 is possible, but then a large move down to 27.50
to 30.00 as we discussed previously. This pattern will likely die in
favor of more immediate downside if silver moves below 33.73. sooner
than later. This bearish triangle pattern would be disrupted with more
bullish possibilities with a shot above 38.86.
WATCH REAL TIME MCX GOLD RATES ON
www.livegoldrates.tk
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