Sean K
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Could this be a C&H? Target $56 ish?
Maybe I'm dreamin.
Maybe I'm dreamin.
@Sean K I'm getting a bit of wood
I am in @29.76 which was a bit of an afterthought/FOMO at the time TBH and have just kept holding which is sorta against my style.
Interesting juncture in spot POS too, at resistance, or about to break the @#$& out?
This has done OK since breaking up earlier in the year. Stalled for a few months, which was nice and healthy, but now looks like it could really bust up. With the other instruments breaking up to long time highs with a 6 or so % gain Friday night, I guess that's a $2.50 gain for this on the open.
Like with gold, it'd be nice to see an orderly rise with some healthy consolidation and support built on the way, but it looks like the general market might have caught up with us and FOMO is kicking in.
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Be careful how you interpret Friday night gains. It was a fantastic rally to a new all time high on gold and 10 year high for silver, but don't expect these prices to hold on Monday morning. Look at silver's chart, the recent highs have all been on Friday nights followed by drops on Monday morning. We see a similar pattern for gold (not surprising, silver follows gold and they have coinciding peaks and lows).
People tend to go for safe havens over the weekend, so their money gets parked in precious metals for two days while the markets are closed, and then on Monday mornings they sell out and play in more risky games while the market is open and allows it. Take a look at the chart and you'll see this regular pattern.
It's fantastic to see this Friday night rally go higher than any other in many years, but it's still a Friday night rally which will probably retrace on Monday. It will probably be the highest Monday morning for many years, but not a 6% gain on 4.10PM Friday Sydney/Melbourne time. I'm very happy to be wrong and see this rally continue on Monday, but it would be an exception to a very regular pattern.
It's not impossible. If Israel decides to drop bombs on Tehran this weekend, sure, your 6% increase on EPTMAG might be an underestimate.There's every chance it could break up and then fade. Might depend on if Israel drop a few bombs on Tehran over the weekend too. Any short term pullbacks look like buying opportunities in PMs at the moment.
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