Fifth Friday
That the goons at the CME have now raised margins on silver twice in 48 hours should tell you just about all you need to know. They are clearly losing. That the silver market has suffered no lasting impact tells you that we are clearly winning.
Onto the charts. Take a look at this hourly gold. I still believe that gold is about to jump higher again, probably UP toward 1550.
Now look at these two charts. First, here’s a 2-hour silver:
And now here’s a 3-hour crude:
Isn’t it interesting how they are almost identical? Why they are identical has to do with trading patterns and human psychology. That’s a topic for another day. For today, just know that they both look like they are ready to spring higher. They both parabolically jumped through a number. In silver it was 47. In crude it was 111. Both were quickly pummeled back as fraidy-cat momentum chasers quickly exited. Both double-bottomed and consolidated below the previous breakout. Then, both shot back higher and through what had begun to look like “resistance”. Now silver is well clear of 47 and crude is well clear of 111 and are basing above those levels. To me, this is extremely bullish. Of course, there is always the potential for unforeseen circumstances to develop that could push both lower and bring out all the double-top-calling douchebags. It could happen. However, I think there is a much higher likelihood that both are about to catapult higher. You can be assured that there is a plethora of buy stops above 114 in crude and above 50 in silver. Moves through there could bring a rather sharp acceleration to the UPside and we’ll likely push 52 in silver and 118 in crude.
This breakout doesn’t necessarily have to happen today. In fact, its more likely on Monday as silver will have to deal with active EE price suppression through the entire Comex pit session today. Fridays on the afterhours Globex have been consistently good for about two months now so I’m more interested in how the day ends than in how it begins.
Silver will probably be stuck in this range between 48 and 49 all day. Recent trend would suggest, however, that buying on the Globex this afternoon could drag it toward 49.50 by 5:00 EDT. IF that’s the case, overnight Sunday into Monday could be very exciting again this week.
I’m getting a little ahead of myself, however. Let’s see how the morning plays out. Keep an eye on the POSX for clues. It picked up a stink bid right at 73 on the June and has since rallied about 20 cents. IF it rolls back over…well, you get the picture.
More later. TF
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).