Goldtent TA Paradise

Silver is Completely Far Fooked !

1. Patrick says:

   March 18, 2020 - 9:24 am at 9:24 am

   Fully.. didn’t you know… silver is a commodity! ahhhhhh… blasphemy!!!

2. Nautilus says:

   March 18, 2020 - 11:28 am at 11:28 am

   I believe in cycle theory, and unfortunately, since $gold almost assuredly topped last week on week 17 of an intermediate cycle, it’s likely got at least 6-10 more weeks of downside action left. Now, it’s possible we go sideways for a large chunk of that time, but the overall direction will be down and gold will absolutely be taking out this week’s low.

   At this point pick a number for $silver. The $7-8 region would be the next level of real support (a major consolidation zone back in 2004).

   With GSR RSI at historic extremes, it would not be shocking to see $gold crash and burn. I would absolutely not rule out an eventual move to the 200 WMA (at $1320 currently) and then from there, who knows.

   All that being said, it’s possible in theory, gold could get a large pop soon (but not to new highs) and then bleed off back to current levels over the next two months and then make a marginal lower low than this week. But who are we kidding?

   The other theoretical possibility is that $gold’s intermediate cycle has not topped yet. But we are not $200 away from the recent top, and have formed a textbook double top. I would put this one down as pure fantasy at this point.

   Hope for the best, but prepare for the worst in this sector, because the downside is almost always lower than anyone dreams possible.

   • Nautilus says:

     March 18, 2020 - 11:30 am at 11:30 am

     That should read “we are now $200 away from the recent top”