It's been a long week. Between the hackings, the outages, the impending bank runs and the blatant price suppression, I'm worn out. Sweetness wants me to take the day off in order to watch basketball and hit the sauce. I think I'll take him up on it. But, first, some charts.
First of all, here's an updated Finviz hourly. If you were able to check the blogs yesterday, you likely noticed I posted this chart a couple of times. Why? Simple. Why would anyone expect yesterday's breakout, which was nearly identical to the breakout of $29 back on 3/12-13, to play out any differently than it did on 3/14? And now, of course, we know that it didn't. I've been dong this a long time and it still nauseates me. Today's raids being particularly egregious as they occurred while nothing else (crude, copper, equities etc) was going down. In fact, most everything else was rallying. <cough, hurl, gag>
So, where does this leave us? Basically the same place we've been for a month. Let's say it again, with meaning: Until silver trades through $29.40 and until gold trades through $1626, there's no reason to get excited. The ranges that have contained prices since February 20 are still in place.
But this won't go on forever. The clock you hear silently ticking in the background is the inevitable encounter with the down trendlines inside the broader, 18-month range. The only real question is: What will happen when price finally encounters these lines again? Will the lines serve to press prices even lower, back toward the bottom of the ranges, near 1550 and 26? Or, will price break through and establish a new UP trendline that will carry us back toward the top of the ranges?
Finally, today's CoT will be interesting, if only for the dichotomy. For the reporting week, gold was UP $19 while its OI fell by nearly 5,000. Contrast that to silver which was DOWN 33¢ while seeing its OI rise by 3,300. Since I plan to be well into the bag by 3:30 EDT, don't look for any CoT comments from me today. I will, however, type up a full post tomorrow for your reading pleasure over the weekend...a weekend which promises to be full of interesting headlines.
Have a great day!