Wednesday, 4 December 2013

1pm update - metals ramping hard

Whilst equities are fighting to claw back to evens again, the big action is in the precious metals. Gold and Silver are significantly higher, with Gold +$23, and Silver +3.3%. Broader trend remains to the downside though.

SLV, 60min

GLD, daily


*Having exited SLV in the 18.70s..just a few days is increasingly tempting to launch a re-short, but not today.

Fed beige book in an hour..that is sure to give the market a kick....probably to the upside - as suggested by the bigger hourly/daily cycles.

Baring a break back >20...SLV remains very bearish

Primary H/S target remains 17.00

1.27pm..another micro wave support zone is 1779/77.

Sure is choppy out there today....whilst the metals continue to build very strong gains.

1.39pm.. getting a bounce off the 200 MA on the 1779.

Tricky day..and this hour showing the first bit of power on the downside in some weeks.