UPDATED 11:00 AM Wednesday: Tech Update: Gold Signal Triggered, Silver hates us
Yesterday we outlined a trade triggered by a proprietary method for piggybacking momentum. That trade needed to be ITM on day 2 or it was to be closed.
It went like this: Short Silver at $18.86. Stop loss at $19.32 with a Target of $1784 ish. Close position after day 2 if not ITM
UPDATE 2:25 This is painful having sold at $18.86, but we covered at $18.88. There still is no reason to get long on weakness short term, unless you are a bank borrowing at zero percent and can mark your assets to myth, but the system says the reason we were short is no longer valid. Yes it can wash out tomorrow. Yes that will be annoying, but it has just as much chance ofcreeping higher forthe next few days. So we move on. The phrase dead cat bounce comes to mind. Also the "don't get emotional about stock" line.
UPDATE: 1:43 EDT- The short Silver trade should be closed out if we close above 18.86 based on the system. That does not mean the market will not wash. It does mean that the reason we got short is no longer valid. Soren K.
We're sure this is some sort of incredibly berarish hanging suicidal hammer man. But we are out
interactive chart HERE
DEC GOLD Resist: 1349-135150, 135940* ST Trend: Sdwys/Down(134340) Supprt: 133980*-, 1334, 1324- Obj: None TRP: 1359.40Comment: Trade remains caught between 133980* support and 135940* resistance. A close over 135940*rekindles bull trend forces to again reach for 138060*. Yesterday’s selloff suggests a preliminary downturnfrom congestion. A close under 133980* or press through 1334 implies selloffs to 1324-1320.
SEP SILVER Resist: 19365-1940, 19825* ST Trend: Down(1887) Supprt: 1860-1840, 18165 Obj: 1840 TRP: 1982.5Comment: The market is signaling a downturn with Monday’s closing penetration under 1918* opening uptrade for a wash to 1840. Any minor rebounds or corrective congestion will likely fade up near 1940. Narrowcongestion just over 1900 should bear flag and setup for selloffs. Only a close over 19825* rekindles bulltrend forces to again reach for 2050+.
SEP COPPER Resist: 21555, 21710-50, 22210* ST Trend: Sdwys/Down(21400) Supprt: 212-210 Obj: 21200- TRP: 222.10Comment: The trend is down and recent down channeling trade has trade poised for selloffs down into the212-210 zone. A close under 209 is bearish. Any corrections should remain contained inside last week’scongestion levels under 21750 if bear forces have control. A close over 22210* is needed to reverse thetrend back up.
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