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AverageJoe

43,963 Posts.

1033

02/03/17

19:12

Post #: 23057225
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Originally posted by JFI ↑

Gold and Silver continue to bring up slowly. Low volatility. Silver in middle of uptrend channel. Gold at lower middle of uptrend channel. Whatever is thrown negatively at both is have little effect downwards on price action.

The question is whether the trend breaks up or down. Given the mid March risks as discussed and the Fed rate rise priced in fully nearly shock likely to be the upside as I see it.

Silver may break up and be a false break out but there is a chance the break up could see it track on to the US$25 range, US$23-27 so be prepared for that.

In my mind the market will not take the chance to get to mid March before the breakout occurs so it's a game if cat and mouse auto determine when the moves is beginning.

Plenty of downside for US Dollar Index and USD JPY. The fact that we see over 114 on USD JPY now and gold is close to US$1250 is incredibly telling. Think of how high gold and silver will move when we see some selling off in US Dollar Index and USD JPY.

JFI

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1243.13 - 1241.31 is the zone I am going long if price does fall into that zone.

1244.71 was tested and I briefly contemplated this level but the stop is too large to make any decent RR trade.

Last edited by AverageJoe: 02/03/17
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0 Great analysis

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