Here we have the 4 hour chart of gold and can see lots of divergence forming (shown in purple) on the recent rebound from its sell off in early May. After its most recent peak it seems to have sold off right into the top part of the retracement channel of the May sell off (@1532). I think if we solidly break below this level, we can see gold get back to the very low 1500s in the near future and for now stay in this area. I've already entered this position feeling its low risk and high reward at this point.
To the left are 4 hour charts of both gold and silver futures (GC & SI). It looks like both charts are starting to form hammers off of previous low peaks (not exactly but close). along with both of them showing some good divergence, especially in gold. I think this could be a good time to get in on these and I finally found a play I like after most stuff has been going against its recent trend and not much opportunity to get in. Contrary to popular belief, we have not quit the blog, but when I don't see good entries or spots I like, I tend to just not post as appose to spew BS about indecisiveness. So if you see little activity on the blog its probably cause the market is choppy or starting a new trend and I dont see a good entry spot.
