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  #31  
Old 16-03-2013, 12:18 PM
moyyewhon moyyewhon is offline
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it will never go up until it goes down.
lets embrace downward movement
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bitcoins are disruptive in nature, but banks are going to use it. So, my prediction is, the next industry to be UBER'ed will be gold...
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  #32  
Old 16-03-2013, 12:20 PM
moyyewhon moyyewhon is offline
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Originally Posted by pika View Post


Price is contained between Zone A and B throughout the week with a bias towards the higher Zone B.

It is noteworthy that price did not close below 28.50 at any single hour over the past week, even though the support of 28.30-40 was tested as expected (it happened twice - beginning of the week on Monday and during the NFP report yesterday).

Can you see that the bottoming out pattern between the current action and that of Dec-Jan is somewhat similar? Of course, similarity does not equate to certainty, and we have to wait and see if price will move into Zone B next week before it can even reach Zone C to attempt any breakout of the descending channel containing the current price.

The low point of the 8H pinbar formed in reaction to the NFP report yesterday has now served as a link from the prior week's pinbar low at 28 to project a possible trend up along the line. Let's see if this newborn trendline will survive being "short" down. LOL.

Have a great weekend!
lol epic phailed... similiar ... not...lol
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bitcoins are disruptive in nature, but banks are going to use it. So, my prediction is, the next industry to be UBER'ed will be gold...
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  #33  
Old 16-03-2013, 12:52 PM
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pika pika is offline
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Originally Posted by moyyewhon View Post
lol epic phailed... similiar ... not...lol
Yes, a foregone conclusion.

Similarity does not equate to certainty. As market action evolves, new patterns emerge and similar comparisons can be made again:

Quote:
Originally Posted by pika View Post


Silver price continues to dwell between Zone A and B. It looks set to test Zone A next week. Compared to Zone B, the momentum of the move towards Zone A certainly looks stronger. Will it charge to the bottom of Zone A at 28 or even break below it to test the 26-27 level?

While nobody can be certain that price won't plunge further, there are, on the contrary, some bright spots for us to be optimistic on an imminent and strong reversal in silver (and probably gold):

1) Price has never closed below 28.50 at any hour ever since the monthly close in February. However, this record may not hold next week given the bearish close yesterday.

2) While the PMs continued to stay weak against the USD, the major currencies (EUR, GBP, AUD, CAD, CHF) have noticeably reversed their weakness over the past two weeks. On a correlation basis, this may herald a reversal in the PMs soon, if not forestall the price of PMs from falling any further.

3) Very significantly, the volume yesterday has reached an extreme low from an extreme high barely a month ago while price stays flat during this period. If we observe the bottoming out process last year in July, a similar price and volume pattern has emerged currently, but with a magnitude difference in the range.

In fact, as current silver price hovers in a very tight band (~1.50 c.f. 2.20 last July) under an extremely higher volume range (~75k c.f. 50k last July), this diverging magnitude in range compared to last year July's bottom could portend a much stronger price breakout from the current action. Something, or someone, is definitely cooking...



Have a great weekend fellow stackers!
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  #34  
Old 16-03-2013, 03:26 PM
moyyewhon moyyewhon is offline
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ahhhhh...this second chart looks better...buy!!!
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bitcoins are disruptive in nature, but banks are going to use it. So, my prediction is, the next industry to be UBER'ed will be gold...
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  #35  
Old 21-03-2013, 09:49 PM
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pika pika is offline
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Default Price action update

Price tried but failed to enter Zone A yesterday as it got rejected in less than 5 min.

Now it has poked into Zone B an hour ago and does not appear to be retreating... or will it later? By far, this is the strongest action seen since 2 weeks ago... a move of USD0.50 in 45min! I think the chance is good for it to go further up to 29.50-60...
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  #36  
Old 21-03-2013, 10:06 PM
freeier freeier is offline
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Quote:
Originally Posted by pika View Post
Price tried but failed to enter Zone A yesterday as it got rejected in less than 5 min.

Now it has poked into Zone B an hour ago and does not appear to be retreating... or will it later? By far, this is the strongest action seen since 2 weeks ago... a move of USD0.50 in 45min! I think the chance is good for it to go further up to 29.50-60...
8-)

never do TA but i swap gold into silver for my punt yesterday.. go go go XAG...
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  #37  
Old 23-03-2013, 10:28 AM
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pika pika is offline
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The real action came in the last two days of the week. Thursday saw a strong price move up that tested Zone B but eventually failed to run higher than 29.33 into the zone. For the whole of Friday, price retreated from Zone B and fell even stronger during the NY session when it broke below 29, closing the week close to Zone A.

Market is looking determined to enter Zone A following the strong momentum bear candle. Nevertheless, 29.50 has not yet been breached at any hourly close over the past 3 weeks. If it does, then I think price will likely stay within Zone A and has a higher chance to break below 28. Otherwise, the market may just continue in very tight trading range of 28.40-29.20 in between Zone A and B.

Have a good weekend!
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  #38  
Old 26-03-2013, 01:02 PM
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pika pika is offline
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Default Price action update



Silver price attempted to enter Zone A last evening but was forcefully rejected at 28.49 in less than a minute and never even retest that level again. Instead, it climbed over the next 3 hours to a high of 28.90 and since then has been sliding a little bit to 28.70+.

Will it maintain the hourly closing record above 28.50 for March? Or will it close the month in Zone A? Let the show continue till the end of this week/month...
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  #39  
Old 26-03-2013, 02:30 PM
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MasterID MasterID is offline
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A bank run in Thursday will send it higher, I hope.
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  #40  
Old 26-03-2013, 04:13 PM
freeier freeier is offline
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Quote:
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A bank run in Thursday will send it higher, I hope.
run cyprus run..
go cyprus go..


u really think there will be a run ? hmm.. i think they will say since they managed to control the withdrawal (to 120EUR per person) that they managed to avoid a run.. in the mainstream media..
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