A Rally Cometh?

194
Tue, Mar 12, 2013 - 7:18pm

Very nice action this morning. Can we hold these gains and extend? I think so.

<EDIT> Obviously, this was typed much earlier today but, with the site down all day, I'm just posting it a/o 7:17 pm EDT.

We had a little trouble with the servers this morning. I'd better type fast and get these charts posted before the site goes down again. I'll dispense with the news items for now and simply cover today's action.

First of all, here's the main thing that I'm looking at. Notice that, on these daily charts, basing patterns similar to what we've seen twice already since the October highs are being traced out. IF I'm right...and the current CoT structure helps to aid my confidence...the metals are about to rally back toward their trendlines. Of course the key is, in the intermediate term, will they fail for the third time at the trendline? For now, let's not put the proverbial cart before the proverbial horse. Let's just see if this rally can get some legs and extend higher.

And on these six-hour charts, you can see gold breaking UP and through its recent range, no doubt on the backs of some considerable short-covering. Again, now we need the metal to hold these gains and stay above the range. For gold, that's 1585. In silver, the 3-week and $1 range of 28.40-29.40 is still intact and there's really no reason to get excited until/unless silver can close above 29.40 and begin to draw away.

OK, that's all for now. Hopefully the site is back up for good and we won't have any more outages. Fingers crossed!

TF

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Occasnltrvlr
Mar 13, 2013 - 10:20pm

Very, very sorry, Dear Fellow Turdites...

...about the 50 g. "break-apart" bars. I said Apmex and Provident, but I really meant Apmex and Goldmart. (And, similarly, Goldmart is much cheaper.)

Beastly Stack
Mar 13, 2013 - 5:27pm
boatman
Mar 13, 2013 - 2:19pm

my profesor buddy

says -600 pt on dow soon then wave 5 up to 15,000.

then that party is over.

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question
Mar 13, 2013 - 2:17pm

The Library

I can read there but can't post; tried logging in w/google account numerous times but no go. Phuque it; at least I know there are others there!

erewenguy
Mar 13, 2013 - 2:16pm

No one will chase metals

No one will chase metals while stocks are up. Bonds are trying to rally, which may portend a pause for stocks.

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