Daily Blog: July 17, 2017 - Cementing the position!
This was a good day today in terms of solidifying the patterns that were established late last week.
Gold
Gold remained above the all critical level of $1220 and closed at $1233. Though from the pattern it has not still broken the long term trend line (See chart of GLD below), it has not signaled a clear trend reversal just yet. It is looking increasingly possible to show strength. With gold, one has to be cautious as it is heavily manipulated and July is shaping out to be a rather strange July this year.
Silver
Silver broke through the initial resistance and closed above the resistance. See SLV chart below. It broke through the resistance with strength and closed at $16.08 up about 12 cents. As mentioned earlier, I would like it to close above $16.20 for me to confirm the trend reversal. There are significant barriers for silver at $16.20, $17.50, $18.50 and $21.50 but the $16.20 level is where we have seen artificial smashing. Let's watch the situation tomorrow.
Ethereum (Crypto)
Cryptocurrencies, in general, saw money coming in again. Total market cap is at $73 billion up from $62 billion from Friday. IOTA was the only one that resisted the downtrend. Ethereum was hit the hardest but has now broken out of the short term downward trend (see the purple area in the chart below). If it breaks through the $225 level (from the current price of $185) then I may start to plot upward trend charts but not at the current level. Ethereum did briefly go below $138 level, the level that I have been mentioning as a key support level, but it quickly bounced back and never looked back. This is similar to Bitcoin level of $1850 which is a key support area. Prelim survey is suggesting 43% support for Segwit2x. 80% support is needed. It is still too early to make a call. The first call will be made around July 21st followed by second call (in the event 80% support not received) on August 1.
Dollar and Oil
Dollar didn't show any strength and closed mostly flat with oil down a bit.
Stocks
The number of industry pundits calling for a stock crash in the near future is increasing. With FED becoming a major buyer of select equities, we don't need black swan event to bring the market down. FED and Sovereigns like Switzerland and Japan buying the stocks in such a massive volume IS the black swan - right in front of our eyes. What I am saying is that the economy can be collapsed by a click of a button by FED!
In the end, and as always, be prepared and be safe!
Honestly, who in the #steemsilvergold community really cares about the paper derivatives, SLV market - other than the fact that this rampant speculation has been successful in driving down the price of real silver bullion? If you are buying the paper junk, you're part of the problem and you're also an idiot - in my opinion.
So ,the "Silver Sale" continues. Get more bullion while you still can - it won't remain on sale forever. At $16/oz. you can't do much better than that. You are certainly going to be able to take 100 - 200% profits sometime soon, if you're impatient. Otherwise, hold for a few years more - let's see how well the dollar comes out of the next U.S. budget crisis, and how much more quantitative easing will be done by the Fed, and how many people around the world are tired of having their wealth destroyed by the dollar printing-presses. Something tells me it may not be too much longer...
This post got a
7.81% upvote thanks to @pawos - Hail Eris !thanks @discordia and @pawos. I appreciate it.
it's a pleasure. greetings
I never heard of these voting bots. Curious to know how do they work? And how did you get them to vote for my post?
visit @randowhale, @booster, @minnowbooster and @discordia. they explain how they work in a post. normally steemians use these bots to vote themself, but it's also possible to vote someone other.
Thanks, much appreciated. Checking them right now.
Thanks for sharing this analysis, I never really watch the charts, but keep buying silver whenever the money is there.
That is a good strategy.