Mystery Chart & Coordinated Silver Attack
Can you guess the charts below? Both charts represent the same market but at different time horizons. Will the top chart finally break above the channel? Does the bottom chart show another bounce off the channel support and continue to rally? How do both charts relate to each other? I will give the answer in the next post. Be careful with metals trading. Last night's silver crash was mainly prompted by coordinated dumping of 674 million oz of silver in the Shanghai Futures Exchange. The Exchange is said to have halted it and fundamentals remain largely unchanged. Everyone askes "what happened to the sikver shortage??". Nothing ! it's been around for 2 years and is here to stay. Highly leveraged markets usually undergo violent dislocations. Do you remember what happened to gold (the father of all safe havens) when it crashed 15% in a single week during "Covid March 2020"? Forced selling triggered it. Now, tell me what are those mystery charts.
I made short video about applying classical technicals to intraday trading in gold. After the video, i bought gold 4920 (previous wedge suppor) targeted 4090 (again). After you watch the video, you may wonder where's gold going next. I see a retest of 4800 coming up today. Here's the video.
Read More...Yesterday at about 7:45 am London time, when gold stood at $4915/oz, I shared my trades with the WhatsApp Bdcst Group identifying $5020 and $5090. The Instagram Live lasts about 40 mins and has sufficient English to explain how I arrived at $5090. After reading this, you shall find that gold peaked at exactly $5090. Watch the recording here.
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