As long as the $ continues to rise in value ... screencast.com ... , Gold and Silver will continue to drop in value, and its not so much that gold and silver are dropping, its just that they get cheaper to buy, ... mainly due to the rise (value) of the dollar. As I said before, ... I dont think the dollar is done rising, golds failure to hold the $1,280 proved it.
I'm hoping that the purple circle will stop its advance in the chart above, its the next target at this point. The $ will inevitably retreat and make lower lows at some point, ... and If I knew when that would happen?, we would all become filthy rich, but the BIG-3 are still King, Queen, ... and Prince. (Credit the Street), and not investors.
My best guess is that the pivot at the $84.00-level is what they are shooting for Colin, its still wide open and an attempt back then was never made, the precise level on this particular daily pivot is $84.06, ... screencast.com ... and if your watching its weekly pivot , it comes in at $83.59, ... screencast.com , one of these should provide heavy resistance. Its actually forming a huge bullish bowl pattern, something gold, silver and MUX have formed in recent past, never following through.
You might remember this $-chart in my last post, ... screencast.com ..., the $ is now above the first resistance level (1st chart), which fell without much effort at all, only forming a 4-day base, which is remarkable for such an advance, and of course we know of the manipulation that goes on behind the scene.
Unless of course Geopolitical issues continue to worsen Steady888, such as an attack on U.S soil, which I do expect to see in the near future in the form of suicide bombings and or car bombs, I would expect Steady888's comments regarding the miners, the dollar and gold to act out, those that bury their heads in the sand and refuse to discus or except and or miscalculate geopolitical events and news, not only internationally but also domestically, ... those are the ones that are willing to stay misguided and ill advised, Politics do play a Major roll in all markets, not to mention in all phases of our lives.
In my opinion, their is a World of difference between sharing and discussing National-International News and Political bashing.
Regarding gold and silver, ... I talked about the $1,260 as being its next target in this post a couple of weeks ago, ... Message 29681101 ... , and that we needed a close above $1,289 quickly, which we did not, ... well, ... we are now at or very near the $1,260 target,and what were actually looking for is a violation of the $1,258.90, but anything below $1,260 in the next few days will open-up a move down to the $1,240, with a stall at $1,250, ... a turn around at this point ($1,250) will be VERY important, anything below $1,240, opens up a long and drawn-out scenario to the upper $1,100 level.
You might remember a chart similar to this one, in my last post above, ... screencast.com ... , where I highlighted a lower trendline with a grey-line but on a shorter term chart. So the chart I just posted directly above is on a longer time frame, you can see that both the (short term) grey and (long term) black line have been violated.
If nothing changes much, as the world holds its breath on Current Events playing out around the globe, ... I expect to see yet lower levels before we begin seeing higher levels, but with any large move, we should expect to see some back-fill, regardless of the direction, ... I just hope that one of these times, a move higher becomes sustainable, so far, they have not been, due in large part of the manipulation that goes on with the criminal elements of these controlled markets, which in contrast is in support of the inevitable dying petrodollar, which will give way sooner or later to another dominating currency.
I continue to buy Physical, I consider these lower prices a gift, owning mining stocks are a good plan, I recommend everyone having them, and I own several, but they will not protect you from whats to come.
Good Luck to all of you and with your choices, ... its back to work for me, have a Safe and Pleasant week, and Thank You Rob and Thank You Steady888 and also Curveball86 for your comments and your support and for acknowledging my previous post, maybe someday when I retire, I can participate more frequently.
Gods Speed, |
