This post is earlier then I'd like to release it as I'm waiting on more timeframe confirmation, but the looks of the PMs suggest they may have topped for the day, what comes next will largely determine the mid term outlook.
Tuesday, April 5, 2011
PMs topping?
It looks like the precious metals may be topping for the day. Both SLV and GLD met targets I anticipated earlier this morning and the price pattern recently looks as if both are struggling, 3C also hasn't been in confirmation of the move up, so it is negatively divergent.
Both PMs are showing long upper wicks on the candlesticks, which tells us higher prices are being rejected.
3C failure to confirm the move higher as 3C actually trends lower.
SLV with long upper wicks and on volume.
Another failure to confirm.
This post is earlier then I'd like to release it as I'm waiting on more timeframe confirmation, but the looks of the PMs suggest they may have topped for the day, what comes next will largely determine the mid term outlook.
This post is earlier then I'd like to release it as I'm waiting on more timeframe confirmation, but the looks of the PMs suggest they may have topped for the day, what comes next will largely determine the mid term outlook.
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