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

No, gold leased from central banks doesn't always have to be returned
By: Chris Powell

Why the World’s Central Banks hold Gold – In their Own Words
By: Ronan Manly

WATCH OUT BELOW: Dow Jones Index Next Stop… 19,000
By: Steve St. Angelo

Credit Concerns In U.S. Growing As LIBOR OIS Surges to 2009 High
By: GoldCore

Gold Seeker Closing Report: Gold and Silver Fall Before Fed Day
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 3 20 2018
By: Ira Epstein

Fed Day: Mr. Market Meets Mr. Hyde
By: Stewart Thomson

Bear Stearns – A Different Opinion
By: Theodore Butler

Here’s What Inflation Could Look Like in 2020, Based on Past Surges
By: Jeff Clark

Politics And Investing
By: Axel Merk


GoldSeek Web

Silver and Gold: It’s Becoming Hard To Remain Short Term Bullish

 -- Published: Tuesday, 12 May 2015 | Print  | Disqus 

By Avi Gilburt

First published Sat May 9 for members:  Over the last few months, we have been attempting to look up within a larger degree bearish market to trade a counter-trend rally.  As I have also stated many times, this is fraught with numerous pitfalls.  Even though the market may come back down in our face if it decides to begin to head to lower lows sooner than expected, we usually should be given some amount of early warning before that occurs.  This past week, I sent out a Market Update providing guidance as to what one should be looking for to confirm a bearish set up is taking hold.

But, admittedly, it is hard to maintain a bullish bias in this market, especially knowing that lower lows are going to be seen.  Yet, the market has not done anything significant to dispel me of the short term notion of expecting a rally, even though it has refused, thus far, to follow through on its bullish set up.  There is no question that is has more than tested my patience.  But, the pattern in the metals is still bullish, and barely hanging on to that perspective.  I would imagine the upcoming week would either ignite the rally, or invalidate it.

While there is not much I am able to add to last week’s analysis, as the metals have not done much over the last week, the GDX has dropped to our support level, and rallied in what is seemingly impulsive fashion.  And, until that 18.77 level on the daily chart breaks, I still must maintain my short term upside bias which will complete a 5th wave in a (c) wave of the b-wave rally begun in March.

As for GLD, to keep this as simple as possible, as long as we remain over the 112.25 level, we still have a pattern in place which can take us as high as 128.  Yes, that is the most bullish set up I see at this time, but I am unable to yet gauge if this region will be struck until the rally actually takes shape.  In silver, the same pattern would take us to the 19/20 region.  But, in silver I would rather not see silver break below 16.18 before that rally begins, and a break down below 15.63 has me looking at this chart much more bearishly.

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

 Elliott Wave Chart
 Elliott Wave Chart
 Elliott Wave Chart

Avi Gilburt is a widely followed Elliott Wave technical analyst and author of (, a live Trading Room featuring his intraday market analysis (including emini S&P 500, metals, oil, USD & VXX), interactive member-analyst forum, and detailed library of Elliott Wave education.


| Digg This Article
 -- Published: Tuesday, 12 May 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.