Hangin' Tough

355
Fri, Oct 19, 2012 - 9:53am

Are you tough enough?

New Kids On The Block - Hangin' Tough

Frankly, I can't believe I just posted a New Kids On The Block video. A new low, if there ever was one. Oh well, if there are any 30-something female Turdites out there, I'm sure they appreciate it.

Just a quick post this morning as I have lots to do including a podcast recording for release later today.

The metals were, of course, pressured overnight. As noted in the "update" of the previous post, anytime you see blatant Globex selling immediately after the Comex closes, you can be almost guaranteed of an overnight and next-day raid. And so it is.

Regardless, the damage is minimal. So far, the 1730-1735 area has held like a champ in gold and has laid the groundwork for a double bottom. Silver would show a double bottom, too, if it weren't for the obvious attempt to have a go at the 50-day moving average near $32.50. That level will be the key to watch today as you know with 100% certainty that The Forces of Darkness would give anything to close the week below there. If they're successful, we'll see more weakness early next week and a likely drop toward $31.00-31.50 before the final low of this manufactured "correction" is in. IF silver can instead rebound today, and I have a last of $32.45, then we'll most likely have our bottom and we'll see a breakout next week.

So, watch those levels closely today. Can gold hold and close above $1730-35? Can silver hold and close above $32.50. Today's battle is ON. Are you tough enough?

TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  355 Comments

JackPutter
Oct 19, 2012 - 9:56am

A Time to Buy

Just got some antelopes, and cougars from the Canadian silver wildlife series myself.

Keep stacking

rl999
Oct 19, 2012 - 9:57am

Shenanigans

Here we go!

Both the tickers I use (pennystockjournal, and netdania) show an excessive amount of gaps both up and down.

(first first)

rl999
Oct 19, 2012 - 9:59am

32.5 as resistance now?

Bout to find out if it turns into resistance

Oct 19, 2012 - 10:00am
SilverSurfers
Oct 19, 2012 - 10:00am
107

Hangin Tuff!!!

Dude, we called 32.50 back on 9/26. Back to buy zone for turdville!!!!!!

Dude, I went cold-turkey 1 week without a cig, (after 45 years of smoking)

Hat TIP my tail, right here, right now!!!!

Monedas
Oct 19, 2012 - 10:06am

Greed is good ?

Greed for the "earned" is good ! Greed for the "unearned" is bad ! Earn it, buy it, hoard it .... and stop using the PC term "stacking" .... fear not the truth ! Monedas 1929 Comedy Jihad Hoarding Is Good For You And All Living Things World Tour

Sisyphus
Oct 19, 2012 - 10:07am

Back to the races?

Today. Or wait 2 weeks?

Gor blimey, guv'nor! Second?! My first time in the top twenty!

treefrog SilverSurfers
Oct 19, 2012 - 10:08am

silversurfers,

at a week, you should be past the worst of it. hang in there!

rl999
Oct 19, 2012 - 10:10am

Metals behaving similar

If anyone else is watching a ticker, gold and silver must have the same hft algo programming today, check them out with an overlay - you could trade Ag off Au or vice versa.

theBuckWheat
Oct 19, 2012 - 10:12am

Third!

see subject.

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