Thursday, June 20, 2013

Boom, Bust...... SILVER and GOLD

Ciao AoT blog readers!

I'm currently in Switzerland for a few days to attend my sister's wedding. I have not been actively tracking charts as closely as i normally would but from my basic scans, i'm seeing a major STANDOUT in my charts and that's the Silver and Gold names. Especially, silver, AoT members know that i have been bearish on Silver for a number of months now and believe that the massive BUBBLE has definitely POPPED(yet another classic boom & bust cycle) that peaked in 2011 is now well gone. As far as i am concerned Silver is not likely see those HIGHS made in 2011 anytime within at least 5-10 years if not more. (recall Nasdaq bubble in 1999-2000).

Next few charts are NEW short setups to watch: Ideally would like to short on "breakdowns" or even on "dead cat" bounces whichis what i will be looking for next few days(weeks). Just keep an eye on these charts. ALL SHORT setups. 






SLV : SHORT SETUP emailed to AoT members only. SLV triggered a short entry late yesterday at $20.75





As a SHORT TERM trader, I only look for opportunities to capitlize on RIGHT NOW so i don't really focus too much on LONG TERM picture although is does help keep things in perspective.  AoT members were emailed the attached seen SLVshort setup this week. I see much lower prices coming in SLV, AGQ, and almost anything that has to do with Silver. Gold is also on the cusp of a major breaking(see technical setup attached). This is setting up in a very bearish pattern and likely headed much lower.

The Updated chart seen below is the WEEKLY Chart of GLD which i have posted many months ago and updated a few times(twitter followers will probably recognize this one).
All technicals are STILL BEARISH in GLD and all signs pointing to MUCH LOWER prices over medium to longer term and even SHORT TERM.



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