It's so easy to lose sight of The Big Picture, when all we choose to see is "today's" snapshot. If you're an active trader, you probably live and die by that daily snapshot of the market you like to trade. But if you want to sleep better at night, you should keep an eye on The Big Picture.
I think it's safe to say that if you're reading this, you understand the "fundamental" reasons why precious metals are in a bull market. The Weekly Charts are where we turn our gaze to visualize those fundamentals with a look at The Big Picture. I'm going to keep my commentary brief today, as I firmly believe that a "picture is worth a thousand words".
Above are weekly charts of silver and gold. The similarities between the two are to be expected. The blue trendlines define the upchannel both are scaling. The channels of both are drawn to exclude the euphoria of an overbought market, and focus on the "trend". The trend is obvious, and solidly up. And never forget, ...nothing goes straight up. The green arrows on the top right of both charts mark where time and price could potentially take both metals in the next 6 weeks. Silver's green arrow is at 18.06. Golds green arrow is at 730.40. Please click on the charts to enlarge.
Silver Resistance: 12.96 / 13.03 / 13.16
Silver Support: 12.80 / 12.68 / 12.55
______________________________
Gold Resistance: 647.60 / 650.80 / 658.50
Gold Support: 636.30 / 624.60 / 614.10
A quick note about Wednesday's Current Account numbers... Mr. Media, you can't have it both ways. The current account narrowed, but set a new record. Yeah, right...
ECONOMIC REPORT
Current account narrows in fourth quarter
U.S. annual deficit grows to record at $856.7 billion
Current account narrows in fourth quarter
U.S. annual deficit grows to record at $856.7 billion
HI GREG:
ReplyDeleteWE SHARE THE SAME BROKER IN MONEX STEVE...AKA MX STEVE @ X 2162!!! :)
I LIKE YOUR WORK HERE.
ONE FLAW I SEE HERE WITH THIS BLOG SHIT IS THAT YOU HAVE TO DO ALL THIS WORK TO GET YOUR OWN BLOG, JUST SO YOU CAN RESPOND TO SOMEONE ELSE'S BLOG! THAT IS STUPID! AM I MISSING SOMETHING HERE IN HIGH TECH LAND?
WHY CAN'T PEOPLE SIMPLY GO TO YOUR BLOG AND COMMENT?
ENOUGH OF THAT...
I HAVE BEEN FOLLOWING YOUR WORK VIA CONVERSATIONS WITH MX STEVE.
ISN'T HE GREAT!
I CONCUR WITH YOU IN ALOT OF YOUR ANALYSIS...
I'M PLANNING ON GETTING MY TRAIN TICKET BY TOMORROW...
I JUST THINK IT MAY PROOVE TO BE REALLY STUPID TO HOLD OUT FOR DIMES AND LOOSE DOLLARS!!!
THE FIBBI ARTICLE THAT I GOT FROM MX STEVE, WRITTEN BY A FRED STARKEY, I FEEL IS SOME REAL SAGE INFO...DO YOU HAVE A COPY OF THAT ONE?
HIS THING IS FIBBANACHI(SPELLING?)HE CALLED THE MARKET LOW TO BEGIN THE WEEK OF FEB. 26...DEAD ON, BULLSEYE BABY!
HE HAS A BIG RALLY GOING INTO MAY/JUNE BEFORE NEXT BIG CORRECTION IN JUNE...HE HAS SOME PRETTY HEFTY NUMBERS OUT THERE...
HE SEES $21-$22 FOR THE WHITE METAL INTO MAY/JUNE AND LATER, AS I RECALL, $32, $54, $75, $125! AGAIN, THIS IS ALL BASED ON FIBBI WORK.
HAVE YOU USED FIBBI IN YOUR WORK?
CONSIDERING HOW MUCH ALOT OF THESE ANAL LISTS GET PAID TO DROP THEIR TURDS INTO THE MARKETPLACE, I THINK YOU COULD HAVE A NICE FUTURE IF YOU CHOOSE TO DO SO?
SEE HOW IT GOES GREG; MAYBE GOOGLE WILL THROW A BONE YOUR WAY AFTER YOU GET ENOUGH HITS? I KNOW MX STEVE MENTIONED YOU LATER DEVELOPING YOUR OWN WEBSITE? GO FOR IT...
GET OUT FROM UNDERNEATH THE GROCERY BAGS! I CAME FROM UNDER THAT SACK! THAT WAS A LIFETIME AGO, BUT I'M GLAD I DID WHAT WAS NECESSARY TO BREAK FREE...
YOU DO THE SAME!
BEST WISHES,
KEN
AKA}THE SILVER BARRON IN IRVINE
AKA}MONEX IRVINE