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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Silver Epic Reversal

Commodities / Gold and Silver 2012 Jan 29, 2012 - 03:59 AM GMT

By: Willem_Weytjens

Commodities

Best Financial Markets Analysis ArticleOn January 11th, we expected the US Dollar to top as Sentiment was uber-bullish, which would lead to a nice rally for Gold, Silver, and (Mining) stocks. That day, the USD index closed at 81.35, Silver at $29.89, and Gold at $1,641. (Click HERE for the article)

Today, the USD stands at 78.90, Silver at $33.89 and Gold at $1,733.50, so we got what we expected.


On January 9th, we posted the following chart, which compares the current silver “bubble” to the Nasdaq Bubble a decade ago:

(Click HERE for the entire article)

Now let’s see where we are today.

Just like the Nasdaq, Silver has set a lower/equal low, accompanied by a higher low of the MACD index, and has now rallied quite sharply:

Compare this to the Nasdaq:

An overlay of both charts shows us where we are today:

If we zoom in a bit:

If the pattern holds, we should be about halfway the “Bull trap”, as many will view this as the Return to “normal”.

If the pattern doesn’t hold, and silver blasts through $40, it’s probably on it’s way to the all-time high. In that case, the next big move would be to the upside, with potential targets of $70 and potentially tripple digit silver prices.
As long as the pattern holds, I would be careful if silver hits $38.

For more articles, trading Updates, Nightly Reports and much more, please visit www.profitimes.com and feel free to sign up for our services!

Willem Weytjens

www.profitimes.com

© 2012 Copyright Willem Weytjens - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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