Oh Monday Morning...
…you gave me no warning of what was to be.
http://www.youtube.com/watch?v=h81Ojd3d2rY
As we begin what will surely be another unpredictable week in the PMs, there are just a couple of things to note. First, The Evil Empire has made it known that they do not wish to see gold trade above $1550. Why, exactly, this level is so important to them remains to be seen but their desire to suppress can clearly be seen on this hourly chart. Note how quickly that spikes UP to 1550 are quickly met with spikes down.
And look what I found in silver…a perfect pennant on the 3-hour chart. It’s perfect in that the points line up almost exactly. As we’ve discussed here, pennants are interesting formations because they eventually close and the commodity in question has to break one way or the other. Usually, the break goes in the direction of the line with the greatest slope. In this case, the rising line of the bottoms slopes greater than the declining line of the tops. I’ll try to update this chart several times per day as we go through this week as it will give us clues for when silver will encounter resistance and when it will find support. For now, IF silver can clear 37.50, it looks clear for a run to 38.50 or so before it encounters the resistance of the down-sloping line.
Lastly, we had an interesting discussion here over the weekend regarding GLD and SLV.
http://tfmetalsreport.blogspot.com/2011/06/considering-gld-slv.html
I found this on ZH today and it furthers the conversation. You should take time to read both.
http://www.zerohedge.com/article/js-kim-max-keiser-discusses-banker-manipulation-gold-silver-futures
As I close, I see that the PMs have spiked UPward (for a change) while I’ve been typing. I have lasts of 1547 and 36.93. Maybe Monday may still give us some kind of warning of what lays ahead. TF
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