Silver (SI) breaks into retracement channel 7/31

Silver's daily chart to the left, and as we can see over the last two weeks we have finally broken past the strong resistance formed right around 39 (shown in purple) by the 38% retracement of the march may meltdown. Now that we have gotten into this retracement channel between 39 and 43, I see it as a high possibility that we bounce here back up to at least 43. I think on a long term outlook, I would be looking to buy anything near 39 to play towards the topside of the channel.

Silver (SI) Selling Opportunity 7/8

After getting long silver (mentioned in a previous post) from nearly the lows of this recent move, I think it might be time to get out or reverse positions. To the left is the hourly chart of silver, and while you cannot see where the yellow fib retrace is drawn from, its from the highs in late May around 38.845 to our recent lows around 33.405. As you can see this level coincides with a peak already formed on 6/22 and today we just pierced this deep retracement again before bouncing off. We have also been forming quite a bit of divergence (shown in green) over the last 3+ days. This divergence is also apparent in the 4 hour chart and I think its a good indication this run up is about to die and as silver can do, we might be heading for a steep fall soon.

Platinum (PL) Finding Resistance 7/6

To the left is a 4 hour chart of Platinum (PL) futures. It looks like it has run into a confluence of retracements (shown in yellow and purple) around the 1751-1758 level and showing some high candle wicks running up to those levels. It also has formed some divergence with the MACD between its peak on 6/29 with its peak overnight as shown in green. With price already reacing off this level and the divergence, it might be a little riskier just to jump in, but I think its worth a small shot as we could be heading below 1666.

Precious Metal Long opportunity 7/1

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.

Silver (SI) possible buy opportunity 6/22

To the left is an hourly chart of Silver, and there is quite a bit drawn on here. First we have the retracement (in yellow) from its peak in late may (@38.845) to its recent low (@34.4) and you can see we have broken into the first level (@36.098) . Secondly we have the retracement (in green) from the sell off just recently in mid june going to its ultimate lows, you can see we have broken all the way above this retracement and are still holding the 50% line at 36.137. I've also placed a linear regression channel (in purple) of this recent up move. It looks like we are headed towards a lot of support around 36.1, and with us in this purple uptrend channel I feel this could be a good short term buy up to the upper 36 to 37 level. I will be looking for a hammer or engulfing pattern off that level for an entry tomorrow.

Silver (SI) Update by popular demand 6/9

A 4 hour chart of silver to our left here, we see that after silver sold off from 38.75 to near 35, we bounced back up to the 37.5 level. This was within the retracement of the down move shown in purple. But it then moved downward to retrace the up move and stay within those bounds (shown in green). So right now were at a decision point. Silver either continues moving up in this small up trend seen by the green retracements OR we continue down, just forming a mini double top here and enter back into the purple retracement zone. I personally dont like either play at the moment, but if i had to choose it would be to the short side as we are in the upper portion of the range formed after the early May sell off.

Gold (GC) Divergence 6/8

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.