1298.10 remains the overhead resistance for a push through intermediate resistance on the weekly chart.
Friday – we traded to it – but not through it. We could roll-over from here, but that may be too easy and too soon. And while the Algos are whacking everyone and collecting – why not continue to steamroll participants… in every direction. This is a hunt for spare change into September, it has been the same the past 3 years during the Summer.
1338 will present itself as the next upper target if this most recent extension holds and we break the Weekly DownTrend @ 1319.50.
1362.50 could come into the range should we break 1338.
I remain bearish the Metal Complex… intermediate to Longer term and would need to see the Monthly (1362.50) target met and exceeded for a number of trading days to accept the New Gold Bull Market – even then, I’d be extremely cautious.
We wouldn’t be out of the woods by any measure – with 1201 as the .618 and too may Daily gaps well below the 1276 profit target below.
In order for this to be a healthy Bull Market the 1276 would need to trade – it’s quite normal and expected… 1272 is support and failure would likely send us to back to the bottom of the range @ the 1201s with many bumps along the way – 1250, 1244, 1240.
Gaps can remain unfilled for years – many years in fact within emerging Bull Markets. This would be the least preferred route – but may simply be “how it is” – wild volatile and disorderly.
A number of important factors are of concern, Crude Oil has the Commercials lined up against it to an extreme. Silver tends to behave as Crude’s Bird Dog, sniffing out the Bullshit.
China’s Oil imports fell last month – for the first time in a very long time. The Saudis are cutting production once again – seeing its competitors recover and begin to ramp production. For once the Saudis are playing by Production rules while many nations are not – in fact they are rapidly increasing output to take advantage of higher prices.
Remember we have run from $30 to $54 and back to $50.
The trend remains our friend with the Ratio of Silver to West Texas Intermediate Crude:
Presently Silver’s Price will remain tied to Gold. There is no “Miracle” anti-gravity sled arriving this year. That is same patent Bullshit peddled by the Silver Suicide Cult for two decades. It’s disgusting and simply more non-sense.
Silver’s chart is broken – Technically it isn’t worth discussion as it has broken every support that mattered.
One look at this chart tells us everything we need to know – Silver is busted.
Silver is both Money and a vital Industrial metal – it has been so for a very long time. The Monetary component may be lost on the consciousness of the current generations in the USA… but it is not in many Nations. Demonization took decades to fade from frontal lobes – the Baby Boomers are its greatest ally for now.
Technically – $17.87 is the next boundary target for the White Metal.
We did not hit our profit target @ $17.38.
$16.53 is bottom of the range for Bulls, failure here sends us back the Lows.
The Silver COT is lop-sided as well – but then JP Morgan has been repeatedly charge with “Rigging Large Trader Data” – meaning it has made adjustments to the Data of Producer/Merchant/Processor as well as SWAP Data for Silver… and it does end there…
JPM was accused and charged in the exact same scheme in the Energy Complex.
COT Report trustworthiness?
Whom and What are we to Trust?
It has become a completely manipulated waste in pricing risk.
A patently Fake CPI to protect the Long End of the Bond Curve?
Pension Funds chase yield – in order to meet their foolish projections – they continue to buy the long end of the Curve.
Imagine when the Long End is sold, yes the Fed absorbed a great deal of it to protect the Long End, but plenty of Bonds remain. Operation Twist did not remove Stateside risk, only reduced China’s hoard.
The ESF has no other option than to grab its citizens assets in order to make their masters whole.
Crypto-Currencies are merely a ploy to drive investment into a controllable and seizable form, yes they are the Future of Money. But Central Banks will remove the competition when it is beneficial for them to do so.
We could review BUY/SELL stops – the Algos hunt them up and down. Observing Price by Volume… another useful tool and yet it too is hunted like the plague. It’s Math and you can watch it play out live – Exhaustion is where the Bots show their hand.
And with Silver – they may well be gearing it up… we need to wait and see. The exact same applies to Gold – but it is far more technical as Silver is simply a broken commodity since 2011.
Will this change?
Yes, in time.
How Long – awhile…
In my gut and by the numbers I trust none of this, but playing the game as opposed to being played is our goal.
Fortunately the Algos tip their hand and once in awhile and it provides insights into the higher probability trades by the numbers as that is all a program truly knows… bits/bytes – numbers. And when it comes to running them – they are extremely precise while appearing sloppy. It’s a new perfect pitch every time, swung on and missed.
Their game is best played from a position of highest percentage entries… and when those fail – one must be patient to let their series of up and down complete.
A number of subscribers are surprised with Silver reaching the 17.10 to 17.30 range presented here. I am as well… it looks weak and demand continues to drop Globally – India’s surge was as we suggested – buying ahead of the coming GST’s slice of cake.
Five tiers have been approved for GST: Zero%, 5%, 12%, 18% and 28% for goods and services – lovely. Poverty in India is only going to grow much worse – every effort is being made to destroy the “Black Economy” – you know… the Tax Free, Free Market Economy on the streets and roads of rural India.
The push is on to eliminate money – the second attempt to remove the recenly introduced notes is nothing short of criminal intervention in an Economy that functioned quite well without Governance.
Governments can’t have this – it is not acceptable.
There are a number of important clues ahead. We need to permit them to trade and exercise patience as it is a very dangerous time to speculate. The Broad Markets are controlled in the extreme, well contained – with Karmageddon a ways off.
China will not allow themselves a loss of their buffer – North Korea.
American occupied South Korea would be over-run as an attempt by the US to advance on North Korea is an immediate threat to China’s borders – unless, of course there is a larger game afoot… and that would be… ugly.
Circumstance within our arrangements is deplorable for the majority of Americans – Their futures and those of the unborn consumers are in for an America increasingly facing further decline.
The Debt Ceiling will simply continue to be increased – not without the attendant drama(s). Those are dead ahead and will be used to hunt more Money in the Up/Down.
You may have noticed a more aggressive tone – indeed, things have changed and come alive once again. Summer is ending and a new Season begins after Labor Day.