Precious
Gold 4/13/2016Watch the lines. It looks like it might be forming a several months long pennant and the two sides (pink lines) of the pennant triangle will converge by 05/31/2016. Watch the lines for decision making.
Breakout in the pet rocksCoiling within this range since September 2015, lots of potential stored energy in here.
The next breakout candle will be big, I'll be expecting at least $15 within the next 2 months.
At a time of this extreme bearish positioning by hedge fund in precious metal, you should be long :)
www.zerohedge.com
A strong temporary bottom is formed at 13.7 for now. Yellen's rate hike is no longer a threat to this.
Long Platinum near resistance levelStart adding here. Excellent risk reward at the bottom of the channel and near oversold levels.
2.41% loss at previous lows vs potential 8%/27% gains.
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For leveraged play on the bounce: Platinum Group Metals LTD
Silver ShortIt is worth noting that a rising Bollinger Band in Silver price action seems to suggest another leg down is coming. See the chart as we are highlighting that should price hit the top of the BB, silver retraced heavily and this time might not be so different. Should this play out, we have 15.77 as the potential price target.
The RSI also seems to suggest that there are more rooms lower from here on and the white metal is not oversold yet. We will cover any remaining long and will look to enter short with a stop at 16.90 levels.
Below are key levels that we will continue to monitor and this will change depending on price action.
Silver - SIN2015 - July Futures Contract - BULLISH SETUP16.53 last
18.00 target
16.125 stop
Reasons:
1. Cluster of 5 days where the high is very similar = explosion pattern.
2. Range expansion "UP-bars" on the daily chart highlighted with blue triangles.
3. Range expansion "UP-bar" on the weekly chart
4. Volume building at the 16.50-16.60 level appears to be a breakout level if breached could lead to a balance point up in the high $17 range (maybe $18 or more).
5. Close stop makes it an attractive trade even if I am wrong.
Tim
4:13PM EST 16.53 last SIN2015, SLV 15.81 last
Long Platinum after another pullbackPlatinum could meet strong resistance here - will d price action respect the downtrend line or a bottom is in and prices are ready to rebound higher?
watching the 1185 handle and if that breaks then Platinum could go higher as it will trigger an Inverse Head and Shoulder formation. Buy on pullback 1156 or breakout at 1186 target 1226 and 1256 respectively stop 1146.
Only a break below 1146 will allow bears to roam lower.
1 hr Silver long with RR 1:2Here is why I am Bullish Silver in the short term:
- still within this 1 hr trend support with higher low
- hit resistance at previous high of 16.491 thus pullback
- ideal target on this long is 16.63 which is ideal for another resistance
- stop at 16.26 (risk 12 points) to make 25 points +/-
XPDUSD/Palladium Head & Shoulder?!Speculative atm but 4 hr RSI is indicating a bearish divergence and stochastic hitting overbought or bullish area for a while. Need a break of 752 to proceed further. Daily Bollinger Band also offer more rooms to head lower and to fill the gap at 740. If trade taken then it will take weeks to materialize.
