Loading ...Today’s Gold & Silver Action
Most days hold no particular significance in the grand scheme of daily trading action other then the range(high & low) and how it may build upon a trend on the chart or not. Other days are extremely important in the context of reversals and how it fits in with the developing trade. Throw in possible divergences and or confirmations and some days jump out in importance to the future trend. Having called a bottom last week especially for silver, today’s action is promising and likely extremely positive. If the expected reversal continues to higher levels for the rest of the session and the miners reverse their early weakness and end up higher on the day, the uptrend will not only be confirmed but lead to a blastoff for silver.
No idea when it blasts off. But I think it is a good bet that we just saw the sector bottom. Today’s action is just backing and filling.
The backing and filling is occurring in gold the metal while the gold stocks are mildly positive, so far. Silver the metal is actually building on it’s recent uptrend(nothing major yet but not backing and filling) The strange part so far today is that while silver is positive the silver miners are down and while gold isn’t doing much the gold miners are slightly positive. In the overall scheme it looks like a nothing day but I see lots of positives. As I said above, the rest of the session is important but the trend is higher as the days tick off.
Sorry to disagree but its not going to happen Chartsmaster. Silver is not blasting off. It is not backing and filling nor getting ready for launch. There is a pattern in play that will overwhelm your theory I assure you. Just take a deep breathe and wait. Silvers time will come but its not now and its not even this year.
Imagine, silver is down over 2% today. Who could see that coming?