I wonder what's driving the prices of metals lower...
Whatever it is, I suspect there will be HP moves aplenty, if not now... then keep an eye on your check list.
Perhaps the gold price is being driven down by the paper market???
Not so long ago... I made mention of the fact that there were 100 paper gold ounces for every physical ounce of gold... talk about hypothecation... its the practice where (usually through a letter of hypothecation) a debtor pledges collateral to secure a debt or as a condition precedent to the debt, or a third party pledges collateral for the debtor. A common example occurs when a debtor enters into a mortgage agreement, in which the debtor's house becomes collateral until the mortgage loan is paid off.
So 100 pledges for every ounce of gold.
Hummmmm...
Silly me... I should have been talking about rehypothecation. I didn't think it could get much worse than say 100 people having 100 claims/mortgages over the same house!!!
Apparently, my previous figures have been dwarfed... its now 382 paper ounce claims per ounce of gold.
Put another way, there are now 382 paper claims over every house that is claimable!
Veritaseum is the Blockchain Company that will solve the absurdity of rehypothecation.
Check it out. https://veritas.veritaseum.com/
Anyway... look for HP opportunities as they come available in
Gold... Silver... Platinum... Palladium...
Some of them have already started.
Absurd hardly begins to describe it!
It's definitely worth checking out the checklist...
Thanks Alan
Paul, I have Palladium in a rising channel since about mid Aug and it seems to be breaking support. Would you agree?
I'll have a look... in the meantime, have a look at this...
Alan...
I can't get an ascending channel because when I place the support trend line and duplicate it, I don't come up with two touch points at resistance.
So if you just talk about the support line from August the 16th low... through the low of Oct 31st... you get a third touch at Nov 12th and today is at or about support.
What I have instead is a horizontal channel... support line using the top of price action of 2nd Feb... and the 19th of April... and the bottom of price action 5th of Oct... Resistance line using the top of price action 15th of Jan... and the closing price of 23 Oct...
Have a look at this with your rising support line in place... ditch the rising resistance line... draw the horizontal channel and tell me what you see then.
Yeah good, thanks. I had those two horizontal lines too.
I'm seeing a double top from Jan & Oct 2018 (bearish); you might even call it a triple top.
And price is getting wedged in the corner of an ascending triangle (bullish).
So, now I'm confused!
[Also 2 flags occurred between Aug and Oct. ]
MMentum, RSI, MACD and SStoch have been forming lower highs since Aug/Sept = bearish
i.e.divergence
Yes... agreed all look bearish to me... the two plays as I see them is short from 1095 to 1090... with a possible target at around 1050 to 1045... or hold your position with a lower stop loss.
Second play is to either look for penetration short from the support line at approximately 1047 and look for a lower low.
Or
Look for a bounce off support at approximately 1047 and then look for a quick entry back up to 1134 or there abouts... and either have this as a target or use a tight trailing SL in case of a break of resistance.
Also check the weekly for a bit more information re the immediate short term and you can get a better idea of the ascending channel and the position of the indicators to see which "play" above is more likely.
OK, thanks very much for all that.
For gold, which went HP short on 9 Nov, it looks like the 1200 area (which is also the 61.8% retracement of the Aug 16 low), is providing strong support so far. Also the downward trend over the last week is not being driven by increasing volume. I have taken profit and will wait to see what happens next.
Silver went HP short on 12 Nov and has broken 14.05 support, but again not a big trend in increasing volume. I'm still in.
Yep... good moves so far. What about Platinum?
For platinum I have SE orders above and below 840.
For gold I have the same, centered on 1200.
