Loading ...The SLINGSHOT – Is Locked & Loaded!
Last Thursday during the smackdown of gold and especially silver, I suggested this was a likely set – up, for a slingshot move that would break above the May $35.60 high and begin the run towards the old highs around $50.
I said that if it didn’t start on Thurs., Friday, we needed to see what happened around this week’s FED meeting announcements. I believe yesterday & today’s action in the metals (silver particularly) is strongly suggesting, that the FED is going to cut today.
If they do, the slingshot should be in play, immediately. If the FED doesn’t cut, or at least indicate a cut is almost definite for Sept., there could be one more, quick pullback based on disappointment. It won’t last long, it won’t take out last week’s lows, and it will be one final opportunity to add to long positions. The SLINGSHOT is locked and loaded!
Beware the fade and Mr Slammy
Just sayin’
In the absence of the FOMC, I would certainly say that silver looks like it has reached a significant low (e.g., the daily stochastics have turned upwards). But given we are getting the FOMC imminently, it’s possible this bounce is just setting up for a dramatic post-FOMC plunge that could take us into the $26s. Either way, I think we are extremely close to starting the next leg higher (a few days at most).