Precious metals - mayday mayday mayday!!
Precious metals - quick update after today's fall
Another day, another mauling in the precious metals markets. It's frustrating so I wanted to provide a brief update to yesterdays post. It's definitely 'mayday, mayday, mayday!' today.
https://steemit.com/steemsilvergold/@unclehermit/gold-and-silver-injured-but-still-in-the-game
Gold:
As you can see, gold was hit today but continues to consolidate within the bullish flag formation range.
Silver:
Similar to gold, silver is still maintained within the bullish wedge range as it continues to consolidate.
Both metals now need to see a significant bounce into the rest of the week. If they fall any further they will drop out of their respective ranges and we are likely to see a sustained downward move in the metals. Personally I'm expecting a bounce, but I wouldn't be prepared to trade it.
For disclosure, I'm not a professional financial advisor and this is not investment advice, merely my own observations of the market and indexes, so do your own research.
I am not very hopeful in a bounce. Looks like that gold and silver will go deep down. I hope I am wrong...
I hope that you are too. May is generally a good month for the metals so we should see a bounce here.
I think that the issue with the precious metals is that if they rise it's the canary in the coal mine signal for investors and may cause a panic. I just read earlier today that some billionaire put half of his entire portfolio in metals so maybe he's got some inside info into something. The trend right now is still risk-on if the metals break out then it's risk off and everything is going to shift, and not in a nice way. On the bright side, at least the weather is getting better...
Yes i heard about the billionaire. I wonder what he knows. May is traditionally a bullish month and this consolidation is getting stretched now so there is a good chance we will get the break out weve been waiting for.