Posted:
#1
Is now the time to buy @ 27ish/Oz?
Silver Bullion
Views: 848
Posts: 5
Posted:
#2
Personally I am waiting. but bear in mind that my system ONLY goes long based off of chart action first and foremost. fundamentals are secondary. and you ALWAYS sell based off the chart (the bad "news" will follow the breakdown in the chart).
this looks like it is still in a very clear cut downtrend that really started last August and more so since March of 2012. looks like it really wants to test its 40 week MA and/or 200 DMA. this would be in the 22ish and 23ish area.
all of the fundamental reasons to own precious metals make a lot of sense. but the charts say caution is warranted in my view. plus, in the short to intermediate term the "buy the metals because Bernanke will do QE3" angle may not be as reliable as most people think. also, the USD is building up for what could be a very large move higher (assuming no new QE just yet) and this in all likelihood puts pressure on SLV.
this looks like it is still in a very clear cut downtrend that really started last August and more so since March of 2012. looks like it really wants to test its 40 week MA and/or 200 DMA. this would be in the 22ish and 23ish area.
all of the fundamental reasons to own precious metals make a lot of sense. but the charts say caution is warranted in my view. plus, in the short to intermediate term the "buy the metals because Bernanke will do QE3" angle may not be as reliable as most people think. also, the USD is building up for what could be a very large move higher (assuming no new QE just yet) and this in all likelihood puts pressure on SLV.
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