Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% and 2% on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 17 2017
By: Ira Epstein

Next-Generation Crazy: The Fed Plans For The Coming Recession
By: John Rubino

COT Gold, Silver and US Dollar Index Report - November 17, 2017
By: GoldSeek.com

Gold Minersí Q3í17 Fundamentals
By: Adam Hamilton, CPA

Bonfire of the Absurdities
By: John Mauldin

The Social Security Inflation Lag Calendar - Partial Indexing Part 1
By: Daniel R. Amerman, CFA

Rob From The Middle Class Economics
By: Gary Christenson

GoldSeek Radio Nugget: John Williams and Chris Waltzek
By: radio.GoldSeek.com

The Metals Market Is A Mess And Will Likely Continue To Frustrate You
By: Avi Gilburt

 
Search

GoldSeek Web

 
Silver and Gold: Itís 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 weekís 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 Aviís 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 ElliottWaveTrader.net (www.elliottwavetrader.net), 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: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com 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 GoldSeek.com. 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 GoldSeek.com, its affiliates or advertisers. GoldSeek.com 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 GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.