13 Responses to “Charts Of Interest From Today”

  1. Lioncub Says:

    Mon, Tue, Wed – expecting a volatile to negative market. Surely gold and silver will be moving down, probably meeting the targets you mentioned.
    Thu, Friday and then the following week, may provide some relief to mkts. I think picking up gold and silver at the supports may give some profits.

    Jeff, can you please let us know the sectors that took a severe beating this Thu and Fridays? (22nd & 23rd). I think they may see some upside begining next week.

  2. Lioncub Says:

    I am curious to see how steep the market would fall from 11:15 EDT to 91 mins from there. This is one fresh idea that I got in my mind this morning and interestingly that worked well in Indian market. If it works here, I will let everyone know.

  3. jeff pierce Says:

    We are hitting a low of $32.30 on silver in the futures right now. Nearly a 20% haircut in Silver over last 2 sessions.

  4. rajesh Says:

    jeff,
    hi , a breakdown below 32.3 on silver could take it down to 25 with supports at 29 and 26?

  5. rajesh Says:

    jeff,
    actually 29 is a important support level coz is a 50 % fib retracement from oct 2008 lows to the highs in april this year

  6. rajesh Says:

    its a 12% circuit close down in india today. from 41 to 32 in 2 trading sessions. bollinger oversold. but macd and rsi need to go down further. think next couple of months silver could consolidate after the correction. which wave would this be? in elliot terms?

  7. jeff pierce Says:

    thx rajesh. actually my new target for silver is even lower for $25. I’ll have a post over the weekend.

  8. Rajesh Says:

    Jeff,
    A 50% fib retracement is27 from the 1991 lows to the recent highs. The trendline support is at 22and the 50 % fib retracement from the oct lows to the current highs is at 29. Take yr pick. I feel 27 is a very strong support area. Yeah but in any event of a global liquidation , 22
    Could happen too, which would be both a trendline support and a 61 % fib from the 1991 lows to the recent highs. But lets not get ahead of ourselves and see behaviour patterns at 29 first! Whts your anaylsis? Pls advice.

  9. rajesh Says:

    also a channel break down of 45 and 37 brings you to 29

  10. abdul Says:

    I am also excited for the silver market but I would prefer not to entrench to much on the fibo support only. Any rebound in gold will quickly push silver back to the roof again. Fundamental for gold and silver have not change and don’t forget that recent hike in US dollar is jjust temporaly until the momentum is over and I expect this one is a short one all orchestrated politically by fed. For those who still believe in the precious metals, this selloff is an apportunity to start planning for an entry.

  11. rajesh Says:

    hi abdul,
    personally feel and agree with jeff that 222 could happen. that could be a lifetime bottom in silver before its new bull leg up. hav to wait n see the bounce in silver. should bounce to atleat 35 to 37 before a final decline. also karen keeps warning us about neptune and in november uranus. there could be a all round liquidation there. if that happens , silver also could see a panic with evry thing else. but for now 29 could hold n we could have a spike. a tradeable rally. could be zig zag or swift. dont know.

  12. rajesh Says:

    sorry 22 and not 222!

  13. abdul Says:

    I am not that bearish but on intraday, 29.93 is a strong support and I see that a bounce already taken place. China have strong appetite for silver due to it’s manufacturing growth and even if there is a slow down, it won’t effect their import for this material. Most silver in the market come from by-product of copper mining. And there will also be shortage if there is going to be slow demand for copper itself. Unfortunately, the market have been unfair in pricing for silver historically but I believe that one day, the gap will be narrowed down to reflect the true value of this white gold.

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