The Fedlines are in and prices have edged higher this afternoon. What does this mean for short-term direction and price? And what about that long-term silver chart? C'mon in and lets's talk about it!
First of all today, we discuss the chart below. The Fed has "tapered" again but, considering the obvious manipulation since the beginning of QE∞, perhaps that's a good thing?
Here's the most important chart of the day, one that we'll be following very closely for the next two days as silver tries to paint a weekly close above this 3-year downtrend line from the April 2011 highs:
And gold has some wiggle room here for about $20 rally. Might this be the trigger to shove silver well clear of the line shown above? IF gold moves toward $1295, how does silver not move toward $20.40-20.60?
And the HUI looks pretty stout, too. So, all in all, everything points toward a rally into Friday. Now, can we actually get one to develop??
On the news front, please be sure that you read this: https://wallstreetonparade.com/2014/06/citigroup’s-dark-pools-here’s-why-the-public-doesn’t-trust-wall-street/
And please be sure to stay on top of the Iraq situation overnight as the conflict looks almost certain to widen soon:
VIDEO: Iraq's main oil refinery, north of Baghdad, is ablaze after an attack by militants: https://t.co/tK7Ze6C1sc— The Associated Press (@AP) June 18, 2014
Lastly, tomorrow's A2A is again with Dr. Dave Janda. Please try to join us live. You can register by clicking here: https://attendee.gotowebinar.com/register/3227075782791398658
Have a great rest of your day! Be happy and go buy some silver...maybe even some TFMR rounds!