Loading ...Has the Au and Ag close for the week changed anyone’s mind on the short-term direction?
My “freediction” for what it’s worth.
I’m calling a bounce from the 1950 support. A choppy ride to 2100+ (resistance) before another correction to the rising support line which will likely be over 2000. The trading range will get tighter. Not worth trading soon unless one has impeccable timing.
Will need to wait and see. IMHO DYODD.
Any predictions?
No, it didn’t change my mind. It confirmed what I posted on Wed. The bottom is in for silver and now possibly for gold as well.Your prediction of a bounce and pullback would be a possible scenario that doesn’t contradict that. Anyone waiting 6 months or so for a bottom will be left out in the cold.
Martin Armstrong has a post up today titled “Gold Crash” and claims to have identified a major reversal for May and June. Personally I have charted the potential for a May top in silver but June is certainly in doubt as that is when the real damage may begin. My Wheaton trade is taking advantage of this last pop higher into the silver pattern but I made note of a June 1st deadline to be out of that trade on a time basis. Please refer to my Wheaton megaphone pattern again if in doubt. That look is ominous and we have almost completed the pattern so its nearly time to trigger.
Here it is:
https://goldtadise.com/wp-content/uploads/2023/05/May-18-2023-WPMweekly-expanding-wedge-unfilled-IV.png
There is the wee little issue of the Mining Stocks
NO SIGNIFICANT Bull move in Metals EVER BEGINS WITHOUT THE STOCKS MOVING FIRST !
HUI:GOLD RATIO
https://schrts.co/xjVTdNvc
UNTIL THIS BREAKS OUT ( NOWNERE NEAR ) …Metals are suspect IMHO
I fear Fully is correct.
Unless it is the Fully curse in reverse!!!
Yup..I agree. Good point guys.