sunday
silver can go as low as 14.98, hit the round number stops and still remain in an upward bias
that area is now a floor of previous higher acceptance zone, being 50% of the current swing
....sitting on the top of the 4 hour bars of two preceding fridays
if price fails to get upside momentum back thru 15.62's at that point that'll be another idea to sit out and watch
or switch to looking for STO opportunities, especially, I'd be looking for any fake move that gets pulled straight back into the current zone
silver was halted at the most recent swing high relationship (1:1 ratio), not a great sign for the bulls, you'd think
however, we're in a bounce, lottsa fakes, cftc report day, numbers get crunched, managers have mini marls etc etc
on previous charts you see i have that level marked in yellow as 16.32's it was a good marker to get sells on but it requires context, which game is on is the question....leading to the question is it a return to the larger downtrend or merely an opportunity to shake the tree .......get yerr cheap acorns
the two metals dont have to be parallel yet have similar structure and currently they are inverse to $DX
so if we keep that profile then that gives room to think more of the same (up)
events in AEST
Wednesday 10.30pm USD Core CPI m/m #'s
Friday 11:45am CNY Caixin Flash Manufacturing PMI
Friday 5:30pm EUR German Flash Manufacturing PMI
Friday 10:30pm CAD Core CPI m/m
gold has held up at a smaller ratio on friday, that's a good sign for the same
direction (up) and I'm satisfied to play longside above 1107.5's:
old skool idea of the cup n handle is still a valid idea preferred on a larger time frame tho...
and we've travelled up 50+ points, no V reversal, lacking energy for a major swing low
....of the 50+ points so far the best move has been the 3 days 24th-27th for
31 points it also has provided best structure, so, we could summise that the following
incline has been weak discovery, again, stressing that time is now running out if
we're to get a genuine bullish phase underway.....
the cftc report for the 11th shows small increase in short sales for commercial
hedgers and a lift in longs for speculators, and while that favours the
downside, just, going back to the previous post, swaps have made a
quiet no riot cross that's worth remembering....tiny bully signals tiny bear signals
knowing the levels, playing the chop on small size, small points remains key
slice and not be sliced :samurai: