Gold and Silver repelling from critical levels

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posted on Feb, 22 2011 @ 09:44 AM
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Last night the Gold and Silver markets likely reached their alternate B wave counts ("irregular" or higher high in silver and "flat minus" {7/8s retracement} in gold). After dropping $5 into the late Jan Low silver has rallied $8 (fibonacci 8/5) into $34 (fibonacci #, first # since "21" which marked the 2008 high). Trouble in the Mid East accelerated the metals into these highs but fundamentally these troubles will also result in global economic weakness which has the opposite effect on metals. In addition yesterday was the first trading day (albeit electronic session only) since the Full Moon and we had 3 astrological conjunctions which also usually correlate with market turns. In addition traditional daily stochastic measures are extremely overbought (in the 90s) which raises a red flag at these levels. Today's price action is critical as if we get a traditional "key reversal" or japanese candlestick "dark cloud cover" then we will likely see a more serious correction that we saw since last year's high in the metals. Potential targets would be below $1300 in gold and below $26 in silver (altho silver may come up short). Caveat trader.




posted on Feb, 22 2011 @ 12:35 PM
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Anecdotally, I heard that there was climactic buying in gold and silver yesterday at Midas Resources. They had a record, all-time volume high in sales yesterday. Panic buying at a (temporary) top? People panic at the extremes...and this qualifies for an extreme (high).



posted on Feb, 22 2011 @ 12:39 PM
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reply to post by CosmicCitizen
 


Gold , SILVER , and diamonds should have been bought on a regular basis by THOSE WHO WANT SOMETHING WICH HAS VALUE ON THIS WORLD...
Money is garbage (no matter what curency we talk about).
And by the way : SILVER is considered a holy metal!
Wonder why



posted on Feb, 22 2011 @ 12:39 PM
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Just some profit taking after a sharp rise... higher highs to come.



posted on Feb, 22 2011 @ 12:44 PM
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reply to post by CosmicCitizen
 

I predict gold and silver will keep rising, particularlu silver, since it is more afordable, and has been oversold, is a tangible replacement to paper money (both metals) and obviously are useful in industry. I think there will manipulations, to get people to sell off what physical metals they have, in order to leave the sheeple with nothing, but ultmately those holding the coin bag last, win.



posted on Feb, 24 2011 @ 02:58 PM
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Gold and silver repelling further....along with oil today. Silver got close to $34 (went over the night before last) giving it an ave of 34 for a little double top. As I posted earlier 34 is the next fibonacci # after 21 which stopped it in 2008. Longer term they will all go higher but we could see a serious shake out that few are prepared to handle. They represent real stores of value (but make a bulky medium of exchange) but nothing goes in a straight line.





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