I thought given the 4H chart buildup in these metals (and apparent strong support at $1,287 & $19.65) Id post this Silver Profile buildup for the data post September 2013 which I have never done before. In Silver when we include all OHLC data back to July 13, and then also April 13, and then all the way back to 2001 we have the same POC at $19.83. Now if we only calculate the short term in this price range from the falls after the Syrian standoff from September we see that the POC is actually in a range of $19.99 through to $20.05, centered on $20.02. I say this as when we came down from over $20 last week the move started from $20.13, not the POC - and whilst on the 10 minute chart we see that we hung around the $20.01 for an hour or so on the way down, it would not surprise me (as per Steidelmayers theory) if we went back up there again on Monday and spent more time up there before resolving lower. This said, the main impulsive move on the hourly chart does start from $20.01, but the 4 hourly looks less convincing. I say this as my own view is that anything over $20 is fair game to be sold at the moment due to the views I have of what is going on in the financial system at the moment. As always this is not a recommendation to trade, and if you do, you do at your own risk. ;)
Posted on: Sun, 30 Mar 2014 00:25:59 +0000
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