Courtesy of Read the Ticker.
Over the last 18 month we have had a new bullish trend start in gold and silver.
The trend is still intact, as nothing moves in a straight line, a trader must expect pullbacks.
Readtheticker.com RTT Steps tool does so much more than the age old moving averages, they give you the range of expected movement during a trend, a possible pullback reaction line (below the red dotted line is set to 60% pullback [60% between upper and lower range of RTT Steps], and off course a quick view of support and resistance.
Yes one can say that Gold and Silver have yet to confirm their new trend by breaking out higher, but trends have to start somewhere, and we shall have to wait and see.
At this point in time, if price halts the current punch lower, the trend should resume higher for both metals, and you can see on the chart below it is a great time to consider an entry point.
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NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net
Investing Quote…
..”Thus, I affirm, every class of phenomena, whether in nature or in the stock market, must be subject to the universal law of causation and harmony. Every effect must have an adequate cause.”..
William D Gann
..“One must search through a maze of complex and contradictory details to get to the significant facts … Then he must be able to operate coldly, clearly, and skilfully on the basis of those facts.” The challenge for the successful speculator is “how to disentangle the cold hard facts from the rather warm feelings of the people dealing with the facts.” Moreover, “if you get all the facts, your judgment can be right; if you don’t get all the facts, it can’t be right”…
Bernard Baruch
..“By failing to prepare, you are preparing to fail”..
Benjamin Franklin
…“People somehow think you must buy at the bottom and sell at the top to be successful in the market. That’s nonsense! The idea is to buy when the probability is greatest that the market is going to advance”…
Martin Zweig (The inspiration behind a number of Martin Zweig’s methods came, from Jesse Livermore).
..”Until an hour before the Devil fell, God thought him beautiful in Heaven”..
Arthur Miller, “The Crucible”
[Contrarian Investing]
