Sunday Night Charts
It's been a long and crazy weekend but The Turd is ready to get back to work. I hope that everyone has taken the time to peruse the JPM class-action lawsuit information. Amazing stuff. Since the next CFTC meeting has been postponed to October 4, we'll have to make due with this information for a little while longer.
After a very nice rally on Friday, the metals look poised to have an UP week...for once. I'd suer like to see gold move ap and away from 1800 and drag silver along for the ride, up and through 41. For now, things look good but, as you know, that can all change at around 3:00 am EDT when the criminal LBMA opens.
Here are two gold charts for you. First, note the action on the 2-hour Dec gold chart. If gold can hold above the downward trendline overnight, it looks like a cinch to head back to at least 1850. On the longer term chart, note that gold is now beginning its seventh week above the old, three-year channel. Very impressive!
Next, check out these silver charts! First, on the 2-hour chart, note that silver has clearly broken through the first two possible downtrend lines and only has the one around 41.70 left to deal with. Again, if the metals can avoid preemptive Cartel attacks in overnight, silver looks poise to head up and tackle that line as early as tomorrow. Also, look at this longer term, daily chart for silver. That's a pretty impressive, long term channel I've drawn. Anywhere near that bottom line sure looks like a solid buying opportunity. The top line looks to be in the vicinity of $50 by December.
That's all for tonight. Turd needs his beauty rest. See you in the a.m. TF