With all the action in silver and gold on Sunday night July 3, 2016 we, at Shadow of Truth, thought we would provide a quick update on what has happened and what could potentially happen. Silver, in particular, looks very, very bullish. Dave breaks down all the technical charts and Rory provides some color commentary.
Some of this was inspired by our friend Jesse, Jesse’s Cafe Americain, in a recent article, Silver Cup and Handles Project to a Price Target of $54, Jesse shared the following:
I know some of you have been projecting these nested ‘cup and handle’ formations on your own, because several readers have sent their examples to me and have asked for comments.My first comment is the most important and I wish you to take it to heart.
Projections such as this are not forecasts, because the chart formations in these examples for the most part have not been ‘activated’ and are therefore merely potential things, possibilities, lines on a page subject to a great many exogenous forces and variables, including human and institutional decisions.
Only the cup and handle ‘a’ on the chart below has been activated and achieved fairly quickly I might add. We are now working on ‘b’ and it will not be activated unless the price of silver takes out 21.50 or so.
And then and only then if the price of silver in dollars holds that level with the kinds of retracements and pricing action one would expect to see as a confirmation of it can we say that the chart formation is active and ‘working.’ And even then it could fail. Continue Reading>>>
If you look at the following charts the picture it paints seems to be fairly clear. The first chart, weekly silver movement, clearly shows the first line being broken. The second line, approximately $27.00, is the next line of resistance. Once that line is broken, according to technical analysis, silver should run to the mid $30’s before it meets the next line of resistance.
Will any of this happen? Your guess is as good as mine. What is 100% clear and undeniable – the first line of resistance has been broken and the algorithms should be entering the market. If silver stays above $20.30 overnight Monday July 4, 2016, the algo’s should kick in and it should be game on.
Jim Rickards: Fed Hikes Go Out The Window;
“I’m looking for ease from the Fed in the form of forward guidance indicating they won’t raise rates” ….
Rickards is such a fucktard. Does he think he split the atom there? After the first hike in December, all future hikes were NOT going to happen. please don’t litter this site with Rickards’ goat urine viewpoints
My goodness, Rupee is literally imploding, have you checked it over the last 3-4 days?
JP Morgan “conspiracy theories” and “chinese day traders” according to Bloomberg about Silver move up.