Be careful !---Authored by Alasdair Macleod via GoldMoney.com, | Precious Metals Message Board Posts

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Msg  208661 of 211195  at  7/21/2019 1:17:11 PM  by

bugs2

The following message was updated on 7/21/2019 1:21:02 PM.

 In response to msg 208643 by  nasus25438
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Re: Be careful !---Authored by Alasdair Macleod via GoldMoney.com,

 
...Craig Hemke: Mike, let's go back to silver real quick because I want to make sure i
t's clear what I'm talking about, and I'll send you a chart that I posted for everybody on my site back on Friday, the 12th that illustrates this point. On the weekly chart of silver, since everything broke down in 2013 and everybody remembers that back in April 2013 when gold fell $200, was smashed down through $1,525. And silver fell $3 in a day, smashed down through $26. I mean, we've been going sideways. Now, gold is finally breaking out, but silver is not. And if you look at a weekly chart of silver, you can clearly see three obvious points of resistance. One, there's the main trend line that starts back at the recovery high in August of 2013 when price got all the way back up to $25. You connect that to the next high of near $21 in July of 2016 and continue that on down. That's the line that's near $17. Now below that is the 200-week moving average, which we barely got above in 2016 and then every single time we've gotten above that 200-week moving average on a weekly closing basis, from the middle of 2016 to the middle of 2018, we were immediately smashed the very next week and that doesn't happen by accident. That's JP Morgan and Citi making sure there's no breakout. It's happened 15 times, 15 weeks where price closed above the 200-week moving average only to be smashed the next week with a big red candle. Sol, you've got to figure that trend is probably going to continue. The 200-week moving average right now is at $16.28. And then if you draw a parallel line to the main line, and you start it when that 200-week moving average was first broken in September of 2016, you'll see a whole bunch of tops that connect with that line through '17 and '18. That line is around $15.80. So, between $15.80 and $17, as I mentioned earlier is a tremendous amount of bank created and technical resistance. That's why I think gold continues higher and silver continues mostly sideways maybe for another six to eight months. And that's why I think the gold/silver ratio could go to 100..... 
Atb,gb 


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Replies
Msg # Subject Author Recs Date Posted
208662 Re: Be careful !---weekly $silver bugs2 5 7/21/2019 1:35:49 PM
208663 Re: Be careful !---Authored by Alasdair Macleod via GoldMoney.com, bugs2 1 7/21/2019 4:20:45 PM


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