Looks to keep grinding up, at least for another 6 months in this rising wedge.
You can't trade between silver and gold, but its certainly worth taking a look at the key support/resistance.
On the break of this rising wedge, I might consider trading some of my physical gold bullion I've collected over the years for silver.
Do not pass Go. Do not collect $200
Gold is doomed on the next 3~5 years ahead. A break of descending triangle and the long term uptrend is a dead giveaway.
Many more tears waiting to be shed by the die-hard gold bugs. We've not seen a true capitulation for more than 2 decades.
Going long via DGLD (3x inverse gold), DUST right now gives perfect opportunity to...
Target from 27 OCT 2014 defined as target-extreme at 79.81 was finally hit with a significant doji. A decline from this level suggest a probable rallying in $XAG pricing relative to $XAU.
LOOKING AT IT FROM THE $XAUUSD PERSPECTIVE:
In this following $XAU 4-hour chart, price did reach the predictive extreme bearish target, and managed to carve structural lows....
Support levels at 1170~1180 is now a resistance.
This rally brings a perfect opportunity for people who may have missed last week's dump, as its attempting its last kiss into the resistance before it gets corrected even further.
Short with stop loss at 1200.
Traders,
ELLIOTT WAVE COUNT:
A L/T look at $XAG suggest a protracted bearish correction in the shape of an Elliott Wave Leading Diagonal, based on:
1 - A deep correction from a 49.780 high reached on April 25th, 2011.
and
2 - Internal alternations of 5-3-5-3-5 waves, identifying the overall pattern as an EW's Leading Diagonal.
PREDICTIVE/FORECASTING...
Thoughts about this? Ever since June, Bitcoin have been in an almost perfect sync with Gold's movement.
I don't see such a relationship for the past 3 years of Bitcoin's history, could it be due to the strong Dollar or Bitcoin is currently being controlled by the same algorithms of some institutions?
To me this looks like BTC was leading the recent breakout; Gold and Silver following roughly a day later. Have to check if this happened in the past, but this could make BTC a 'market maker' of some sort, or at least an indicator - since arguably BTC traders might be more flexible and quicker to adapt.
Silver for next week should be long .. because from i see last structure, last support didnt break the support around 18.495 and when the market is closed it show us that the chart may go to long :) or bull..
