Day Trading Silver

Day Trading Silver, Using SI 03-13

[caption id="attachment_6170" align="alignright" width="150"] Silver Chart[/caption] Hi Traders. On my last Gold post, I make a "call" short and of course Silver will follow Gold. Is less clear on silver daily chart and weekly, but we still can see few signal why silver should go short. First notice, we are under 200MA and 50MA (they are at the same level). Last Fridays, we touch are lower blue trend line, buyers try to push Silver price back to the 200MA, but by the end of the day, Sellers bring back buyers price back down, and close at they level , Sellers price. For Monday watch if we close under blue trend line, if yes, we will go to my next targets. I have one tricky target, is one good support for buyers and depend how long it will take to go to this support, it will depend also on the price to sell my 2nd target. Looking for  a small consolidation there. If Sellers close successfully under my blue trend line, silver price should go back at 29.810 on daily, and on weekly (mid-term , about 26$. I will update my chart, once we get to my 3rd target.)

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Gold Direction

Gold Direction are clear, We are going Short.

[caption id="attachment_6161" align="alignright" width="150"] Gold Chart Weekly[/caption]

Gold Direction Weekly Chart

After consolidation for few days , what I was expecting, we finally got something clear. As you can see, we touch my "UP Bearish trend line" , and close with price failure for a second week. but this time, sellers won. And another thing I like, we let buyers test 50MA but gold price close under 50MA. Right now is important for sellers to close under 1630.00 with no resistance to keep bearish channel. We should go till 1580 price, and then sellers will take a break and let buyers get in for a little move up or consolidation. [caption id="attachment_6162" align="alignleft" width="150"] Gold Chart Daily[/caption]

Gold Direction Daily Chart

On daily GC chart, we can see following thing: volume spike are above 85k a   [...]

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Sell OFF

[caption id="attachment_6153" align="alignright" width="150"] S&P 500 futures[/caption]

SELL OFF on ES E-mini

This chart are maid on 120 minutes, to show you something in volume. We got one of the biggest spike of volume controlled by sellers. We din't have this quantity of volume since end of November  And We din't even make a clear Break Out  on daily chart. And the most interesting thing, in few hours after, we finally pass 1511.00 resistance with so low volume.

Right now we are in consolidation, Probably buyers asking them self, what they just did...

Look like US Index are exiting to watch but not to trade on day or weekly trading. I recommend to wait till we have a nice correction before get in the market, and then move over 1600 points. Look like this will take for ever, or at least for next 2 or 3 weeks till we start to talk about Fiscal Cliff again...and who know, they may move this problem for next 2 months  again... I will watching S&P500 Index and trade (scalping) ES. but, for day/weekly trading, Europe are much more exiting now.

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