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SIL

Changiny my view of the precious metals miners. With what looks like a reversal in the US dollar yesterday I am reevaluating my view of the miners.In both the GDX and the SIL there has been a .62 correction and the shorter term down trend lines have been broken. There has also been a "measured move" down indicated by the down arrows. Although we have a negative reversal in the RSI, the RSI has jumped up and held in the >50 range where it often stays during advances. These observations lead me to think the correction is most likely over with more up move to come as the dollar falls.
AMEX:SILLong
by goodguy
LONG Silver LONG!! bullish for at least next couple of daysAfter FED's Talk on Rate Monday Sept 12- 17:00 ..Traders are betting the Fed won't make a move on rates in September. Now, 85% of traders think the federal funds target rate will be 25 to 50 basis points as of September, which is where it is now. Only 15% of traders are expecting the fed funds rate to rise to between 50 and 75 basis points by September. BULLISH FOR METALS.. At least until Fed's give more insights on Sept 21st Rate Decision.
COMEX:SI1!Long
by Babaji
Gold Miners Could Pullback Before Resumption of Trend.Gold prices have been volatile, flucuating between $1,275 and $1,220 as markets remain indecisive on what stance to take: is the Federal Reserve going to continue hiking assuming the economy will "gradually improve," or with traders continue to look for safer locations to place there cash? According to recent capital flow data, the GLD has seen redemption as market participants choose to overlook the weakening global economy and its implications. Nevertheless, with inflows into risk ETFs like SPY and HYG, gold miners could see their shares pull back from this historic gold run. Technically, after GDX broke out of a longer-term downtrend, price action began to oscillate within a narrow ascending channel. Prices are likely to pullback to channel and price action support of $19.80, while a confirmed break (or daily close below support), miners could fall to $18.85 and, potentially, $17.85 - also nearing the 50-day EMA. However, if the popular mining ETFs can remain above support, price action could challenge $21.88 and $23.03. Overall price action and trend momentum still remain rather supportive to the upside. Please feel free to comment and share charts! And follow me @Lemieux_26 Check my posts out at: bullion.directory www.investing.com www.teachingcurrencytrading.com oilpro.com
AMEX:GDX
by CommoditiesTrader
Silver: Anything can happenThe title by itself is indicative of any possible trade, but it's more of an opinion than a trade opportunity, as probabilities here on an R/R basis, are not the best, which should be our only criteria. As you can see in the attachments I was very positive and enter full long precious metal (jacked?) positions, on spot, futures,stocks and bullion more than two months ago. The reasoning behind is fully explained there, I believe. So, what's changed then since this? stocktwits.com Lots of technicals, overextended, negative reverse divergence, supply zone, trendlines and I'm sure that you are far better than me finding many others as well. The attitude of big traders as you can see in latest COT's its not the typical early stage uptrend we have seen in the past, rather I would say the big bar of June 19th looks like the product of short covering. Also this kind of positioning has signalled a pause in the past and not a continuation. Very quickly to extremes. nowandfutures.com The are still large amounts of positions in put options at $18 and $16 at CME. Of course this is the fuel that will push the price to increase if their stop losses getting hit. www.cmegroup.com Daily current pattern looks like what Bulkowski calls a "Flag tilt", while on the weekly price is at kumo resistance. thepatternsite.com Couple of newsletters I read in their free weekly/monthly edition calls for the mega bull, not always a good factor to include in your trades. More often than not, it pays to do exactly the opposite, it depends on the writer Sentiment readings regarding public opinion in silver hit the 65 mark, an area associated with tops in the past and not early uptrends. Last but not least we have the seasonality factor, like last year in a box to the left of the chart. All this together at the same time with everyone I know waiting for a lower high to be established, in order to long the sector. Anything can happen. I passed thankfully the stage of the "what if" trades and I can happily live with trades that I didn't enter if they don't fit my risk management or R/R criteria. Markets will be there for ever doing their thing. I want to feel the same for my accounts. All the best guys P.
FX:XAGUSD
by pantheo
3
Silver's make or break appointment with NFP'sMake or break? I wish I knew. The last 3 years is almost always break, I think. Fact is that is so easy for sellers here, that if the line breaks there are going for targets lower derived from both triangles. Easy is sometimes suspicious. This weeks down candle volume is 1/4, up to this morning, of the volume of last week's doji. Posted current contract days ago, update here: Dimitri Speck's seasonal chart says that first two weeks of May are mostly bullish for the last 37 years. www.seasonal-charts.com Sentiment trader's data shows 28% bulls at support. Gofo rates 1-6 months are still negative. The best of luck, Cheers, Panos
FX:XAGUSD
by pantheo
GDXJ/GDX Ratio put a piercing line candleJuniors/Large producers ratio put a piercing line candle yesterday in the daily (not shown), right at the last weekly support/demand zone. If confirmed, might be a good signal that Gold has a chance to go higher like the last time it happened and fight the outside weekly reversal which is an ominous sign on its own. A close above 1,52 in the ratio will be good for the IH&S structure that exists both in miners and gold, hinting that 1,59-1,62 area is achievable. Bear in mind, that both are still in a downtrend and last week's sentiment data does not yet reached pessimistic levels, while public opinion in Gold is at medium to low level and not yet in extreme negative zone. GOFO rates are negative for the last few weeks, always a good sign for PM complex longs.
AMEX:GDXJ
by pantheo