Silver Chart DAILY Technical Analysis hub

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silvernomics
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Silver Chart DAILY Technical Analysis hub

One of the best things about Turd's efforts are his Technical Analysis (TA) insights (chart-reading, for newbs).

There are a number of well-known and competent technical analysts out there who post on various forums, and you might yourself be a dab hand at applying fibs and lines and so on.

So let's use this thread as a place to gather up all the latest good technical analysis on the Silver Daily chart, with charts and links if need be.

I'll do a separate thread for the Weekly and Hourly.

Edited by admin on 11/08/2014 - 06:10
silvernomics
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Here's a link with a couple

Here's a link with a couple of daily charts:

http://www.marketoracle.co.uk/Article28668.html

The author sees a $34-$38 channel, with a possible summer breakdown to retest the 200 MA at around $30.

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Thanks for the link.

Thanks for the link.

erewenguy
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There were some comments on

There were some comments on silvergoldsilver blog about the futility of TA on SLV, but since it is widely traded, it is still a decent surrogate for charting.  On SLV it looks like 33.30 is pretty strong support, but we are below all the 13-200 moving averages.  Resistance looks to be about 36.75 and we'll likely trade in this channel until events break it up or down.

Opex is this week so I don't expect significant moves, probably to close the week at 35.

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Also remember that this

Also remember that this Friday is triple witching hour, so expect volatility but not a lot of overall movement from where we are now.

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correction: smidgeon over 36.30

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silvernomics
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I think we are at the

I think we are at the critical level right here, as to whether this is a protracted right shoulder or re-basing to break upwards. It may just be that the fundamentals driving Europeans into gold will carry silver through.

Have to wait and see - but maybe not for long!!!!!!!!!!

Silver breaking up with gold right now

Maybe gold will close above £950 for the first time ever today.

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Trader Dan's Commodities Summary

"I want to repeat here, particularly to my silver bull friends, that silver will UNDERPERFORM gold in such an environment. Silver will only outperform gold in an inflation biased environment."
 

Comment made during discussion of CCI and it's message to traders that the market does not fear inflation right now...

http://traderdannorcini.blogspot.com/2011/06/gold-holding-relatively-firm-as-its.html

silvernomics
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As Dan says, we did close

As Dan says, we did close with gold at £950 for the first time ever.

£1000 gold will generate some new headlines in the UK.

I suspect that people in the UK are more asleep in general as to precious metals than many other places, for a number of reasons. Silver is absolutely nowhere as an investment in the UK at the moment, due to 20% VAT.

And gold, well, we just don't have coin shops all over the place like in America. Why? Well, there's no domestic production, for a start. There hasn't been a total currency implosion here in the last hundred years, so people are not mistrustful of the pound. The notion of hard money as an ideal of individualism may resonate with the American mindset but there is no such culture in the UK, where the dynamic is paternalism (on the part of the state) and infantilism (the people).

The way the press continues to talk gold down is particularly bad - and illogical - in the UK. Earlier this year, both the Times and the FT ran big stories on gold, both concluding that it was a highly overvalued commodity. There is pervasive financial illiteracy in this country, far worse than in America. As Leonard Cohen sang, since America is "the cradle of the best and the worst", you may have, pound for pound, some of the dumbest people in the world, but there are also a lot of very, very switched-on people. In the UK, I see no evidence of a strata of switched-on people, a whole class of mobilised libertarians and the like. Something like the Tea Party would never work in the UK - it's far too cynical, apathetic and disengaged a place.

This is an example of the typical mainstream media attitude to gold in the UK: http://billemmott.com/article.php?id=311

This guy was the editor of The Economist until 2006, for crying out loud. And this article was a full page  editorial in the Times. Now I'm not saying that there aren't people like Nadler and other cretins west of the pond who talk gold down, but I challenge you to conclude that a lot of that short-term technical bashing is as obtuse as this absolute crap from Emmot.

So that's why I think £1000 gold is a big deal. Britain has been particularly resistant to the notion of a secular gold bull market, and this will be a wake-up call that should begin to rouse a lot of untapped demand.

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