Ole Silver about to throw investors for a spill?

Posted by Chris Kimble on 09/23/2010 at 11:55 am; This entry is filed under silver.

Suggested to buy Silver on an upside break from an “ascending triangle” a month ago (Hi Yo Silver and Away We Go) .  Been a good month with Silver gaining over 14%.  This rally brings Silver to a critical hurdle, RIGHT NOW!

Trend is positive for the metals!  Don’t see anything right now that would change this trend, yet that doesn’t matter a bit!  Key long-term resistance is at hand right now, so from a risk management perspective, protect the gains!

As I shared last week, if Silver can jump this resistance hurdle, the next Fibonacci level is over 20% ABOVE current prices.  DON’T HARVEST…JUST PROTECT!!!

Gold ETF (GDX) update…

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12 Comments

  1. Bob_in_CA September 23rd, 2010 at 2:02 pm

    Thanks for the article, think I’ll harvest. That yappy dog has a pho gold collar now and stupid looking booties. I have no access to after hours trading so I’d hate to wake up tomorrow and see GLD down 5%.

  2. Chris Kimble September 23rd, 2010 at 2:07 pm

    Hey Bob…
    Understand the harvesting…no judgement from this end.
    My intent of the article was to get people to harvest, “just protect!”

    Now I know where the term “lucky dog’ comes from, your neighbors dog with a gold collar!!!

  3. Bob_in_MA September 23rd, 2010 at 2:26 pm

    Chris,

    Gold is nearing the $1,300 point and some people expect a correction. Do you pay any attention to these nominal numbers, or just the track of prices? Based on your quiz charts, I imagine you feel round number points aren’t relevant unless they correspond with some otherwise established level. Is that correct?

  4. Chris Kimble September 23rd, 2010 at 2:30 pm

    Bob,
    Correct, in that a round number would only be relevant to patterns if it was at some support/resistance line or a fibonacci number.

    At the same time though, we do hear round numbers discussed for sure!
    Chris

  5. Frank September 23rd, 2010 at 2:58 pm

    Chris
    Appreciate the updates can u update on crude oil
    TIA!

  6. Bob_in_MA September 23rd, 2010 at 3:10 pm

    Chris,

    Yeah, I guess if you have a cable channel, you have to find something to fill the day with. On CNBC it’s making a big deal of markets hitting round numbers, and on ESPN it’s covering miniature golf. ;-)

    Thanks for the blog!

  7. investoridol September 23rd, 2010 at 4:23 pm

    Hi Chris, great work – we added your site to our investing/trading network http://www.investoridol.com. Welcome!

  8. Chris Kimble September 23rd, 2010 at 9:47 pm

    Appreciate and am honored to be a part of your investing network.
    Chris

  9. Charlie September 23rd, 2010 at 10:59 pm

    Would you suggest a trailing stop? If so how “tight” would you make it?

  10. Chris Kimble September 24th, 2010 at 5:00 am

    Charlie,
    With the trend being up, I would give it some slack, say at least a 5% stop….been there a while?

  11. P September 24th, 2010 at 2:05 pm

    Chris what do u think about going long AGQ and/or shorting ZSL

  12. Chris Kimble September 24th, 2010 at 2:10 pm

    Great pair trade idea, especially if the future is like the past month!
    Would have worked today!