The Return of The Whiteout
Long-time Turdites will recall that I’ve had to do this before. If you take a moment to review this post, you’ll see that it worked out pretty well:
http://tfmetalsreport.blogspot.com/2011/02/getting-into-white-out.html
Crazy, volatile days can really leave you scratching your head when it comes to basic charting. You start seeing ghosts and patterns that aren’t really there. So, after a day like today, I felt it necessary to once again break out Mrs. F’s white-out in an attempt to see a trade-conducive pattern in a sea of Cartel-induced opacity.
Look what I found!!!
This silver chart is a beauty, ain’t it? Another, day-long Comex and Globex rally after a nightlong slide in Asia and Europe. This has become such a predictable day trade that it makes me wonder…
I remember seeing something a few months back about the Bank Participation Report and how it seemed that The Cartel were moving their price-capping efforts offshore. Fearful that their stooges at the CFTC would eventually have to act to impose position limits, the thought was that the EE was shifting their heavy shorting to non-US entities that wouldn’t be subject to the limits. Just something to consider.
Back to the business at hand. Note that once we remove this morning’s craziness, we’re left with a pretty strong-looking chart. Silver peaked at 43.40 overnight and then bottomed this morning at 42.20. As I type, its trading on the Globex at 43.42. The more time we spend at 43.35 and above, the more likely it is that we will see continued strength this evening and a big UP day tomorrow at The Death Star.
Equally compelling is the gold chart with the craziness removed. Check this out:
After nearly reaching $1490 overnight, gold also rolled over and bottomed right at support of 1480. From there it has catapulted higher and now rests just below $1500 at $1496.70. Expect some tough sledding around $1500 as its kind of a self-fulfilling resistance area. Everyone is watching for resistance there. Some will take action and sell. Others will see this selling, assume that the resistance is appearing and gold will drop some more. Latecomers/hangers-on see price dropping toward 1495 and think “oh, crap, I knew I should have sold 1500″ and down it goes further. The good news is: demand for gold is so great that $1500 will give way soon, regardless of the action tonight and/or tomorrow. On the flip side, silver may be so strong tomorrow and Wednesday that it may drag gold clear through $1500 without resistance and money will come flooding in from sideline dipshits who were waiting for $1500 weakness to give them a lower entry point. We could get to Santa’s next “angel” very quickly.
OK, that’s it for now. I’ll update this evening if I feel I have something worthy of your time and attention.
TF
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