Monday Chart Update
Things are moving pretty fast this morning and, though I don't want to distract you from the previous two posts, I figured you might want some updated charts.
We are off to a roaring start to the week and I expect more of this to come. Tomorrow will be a regular CoT survey Tuesday and it will be either Happy or Terrible. At this point, I'd give it about a 60/40 chance of being Happy. We'll see. Things will quiet down on Wednesday but Black Friday is always interesting as the algos will rule the day and stop-hunting expeditions will likely cause quite a bit of volatility.
For now, the charts look great. Both metals have clearly bottomed at the levels we first identified about three weeks ago. The bottoms were then reinforced by the beautiful, stop-gunning plunges and subsequent reversals of two weeks ago. There can be no doubt that The Bad Guys are waging a losing fight here as paper prices have found a floor and London physical demand remains robust. Watch the clear resistance levels that I've laid out on the charts below. Once above there, both metals will head directly back toward the early October highs and the critical resistance of $1800 and $35.50. The key here is: Be not afraid. Keep stacking and prepare for an unprecedented and truly historic 2013.
Given that this is a holiday week, I suspect that many of you will be checking out later today and/or tomorrow. There are travel arrangements on the docket and friends and family that must be visited. PLEASE do not forget to stop by TFMR later this week and over the weekend, however. The markets will be volatile and I have a significant and important article that I will be posting by late Wednesday.
Have a great day!