USD in freefall over the last 3 days…
Basically testing the 200 and 400 DMAs today (at least the $USD chart). UUP always looks more bullish, and a bounce here would set up a potential symmetric H&S top on the UUP daily chart.
Silver looks good so far today, but as I said, until the daily macd crosses positive, I am in the skeptical camp in the very short run (over the next 5-10 trading days). I was thinking one last dip to test the 200 DMA again was in the cards before it begins a run to $50+ (which might correspond with a bounce in USD). Short term calls like this are one step away from the roulette wheel though, and I will be elated if silver can forgo a test of the 200 DMA and just continue on from here to break above last year’s peak, on its way to $50+.
Thanks, Nautilus – watching silver verrrrry closely…
You can never get carried away with silver, until you can that is.
Intraday and intraweek action are typically complete noise and can be reversed on a dime. Silver is just a horrible trading vehicle (it rarely ever trends smoothly), and I will say that anyone who actually makes money trading silver is either a liar or extremely lucky. That being said, I am hoping to get lucky.
My next silver play is a buy-and-hold approach.