The metals have been looking very strong over the past two weeks and getting a lot of much needed attention. With the situation in the Gulf heating up and the two tankers being hit on Thursday it’s no wonder the metals have been on a steady uphill climb most of yesterday and now throughout the overnight sessions. It will be interesting to see what happens when the “pit” opens and all the big money traders come to life.
Here are static shots to show the set up. We have seen this exact movement in the charts for the past decade. The metals rise through the Hong Kong session then begin to fade about halfway through the session only to see a sharp, abrupt rise. This is usually followed by a swift kick in the pants somewhere around the time the “pit” (New York) opens. It’s not uncommon to see a “waterfall” in the charts with the set up on the charts we are seeing right now.
The way the chart looks right now it seems like the metals are being set up for an ole fashioned, behind-the-shed whooping. I hope I’m wrong but can the cartel allow gold to go into the weekend above the $1,357 mark we discussed last week?
Can Gold Hold On To This Weeks Gains? I would be shocked if the bullion banks allowed this happened right now.
Like seeing silver above %15.00 mark (5:37am CST) silver is setting at $15.04. Not much above but at least it’s put on a $15 handle. If this holds it should create some interest in the physical market over the weekend and people will add to their stack. Not sure why they waited to pay $0.40 more per ounce, but hey, it’s their funds. It’s funny to see how all this works.
I like being right, but in the situation I really hope I am wrong and the metals get a nice bid throughout the day. It would be awesome to see some solid footing being established this early into the second half of 2019. The metals are moving higher and if you are considering adding to and starting a new stack there is no time like the present to do the necessary research and reach your own conclusions, because the time seems to be ripe for acquisitions.
The charts below, unlike the charts above, are live and will continue to evolve and change over the course of time. For reference to all this discussions the charts above will provide that snapshot.
