Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines

Harry Dent’s Gold Prediction Invalidated
By: Przemyslaw Radomski, CFA

By: Steve St. Angelo

The Bitcoin Bubble Explained in 4 Charts
By: Jake Weber

VXX Sends an Awesome Message from Another Galaxy
By: Rick Ackerman

Geopolitical Risk Highest “In Four Decades” – Gold Demand in Germany and Globally to Remain Robust
By: GoldCore

Asian Metals Market Update: November-22-2017
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver Gain With Stocks
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 21 2017
By: Ira Epstein

Bitcoin, Bail Ins And Bullion
By: Mike Maloney

Tactics For The Gold Bull Era
By: Stewart Thomson


GoldSeek Web

Meandering Metals

 -- Published: Tuesday, 14 April 2015 | Print  | Disqus 

By Avi Gilburt

Several months ago, I presented you with an “evil” plan, with which the metals and miners have followed through quite well with regard to their downside movements.  However, since that time, they have been acting more like kittens rather than evil patterns.  They have been meandering in quite corrective looking fashion for quite some time now.  But, I still believe we need to see much stronger bullish sentiment before we can begin our run to the lower lows for which we have been in search for quite some time now.

Yet, for now, there is nothing that is being presented to me at this time which suggests I should not be looking higher for another rally leg to take hold in the near term. 

The main chart upon which I would like to focus is the daily silver chart.  Take a look at the pullback we have seen thus far, which really does track quite nicely as a corrective pullback.  While there is still potential for one more lower low in the micro count to be seen, it is not necessary, and we can consider the pattern as just about completed to the downside at this point in time.

Specifically, if you look at the daily silver chart Slow Stochastics, we are in the bottoming region.  Normally, this would concern me as the stochastics traditionally imbed down here, but that is only in the heart of a 3rd wave down.  And, due to the manner in which we have dropped from the highs, this does not look or act like a traditional 3rd wave down.  Furthermore, the RSI is now moving into a bottoming region we have seen set up rallies in the past.  So, ultimately, as long as we do not see a sustained break of 15.80 in the silver chart – which I have mentioned for the last several weeks - I will continue to look up for a rally to take hold.

As for GLD, the support levels I am now watching are the 113.35 and the 112 regions.  And, in GDX, they are the 18.77 and 17.90 regions.  Should we be able to take out the March highs in the GDX, it would suggest we are on in either wave 3 or c of the alt b higher.  If you remember my plan from months ago, my intention would be to exit the market on the long side (from short term positions), and add to my long term hedges once this next rally leg completes its own 5 wave structure and completes its c-wave or 3rd wave. I will not be waiting around for wave 5 of (c) on the long side, unless the market clearly tells me I should.  For now, I am sticking with the plan.

See Avi’s charts illustrating the wave counts on the metals below:

 Elliott Wave Chart
 Elliott Wave Chart
 Elliott Wave Chart
 Elliott Wave Chart


| Digg This Article
 -- Published: Tuesday, 14 April 2015 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2017 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of, its affiliates or advertisers. makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of, is strictly prohibited. In no event shall or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.