One day patterns that should be respected in Silver stocks and Gold

Posted by Chris Kimble on 03/24/2011 at 3:33 pm; This entry is filed under gold, Silver Stocks.

One day a trend does not make...yet trends can start to change any given day. See below for single day patterns at the top of channels that must be respected!

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Gold has been stuck in a trading range for almost 5 months and Silver stocks have reflected relative weakness compared to Silver. Both SIL and GLD had single day negative patterns at the top of their trading ranges.

Even though one day does not make a trend, this one day action is owed a great deal of respect!

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3 Comments

  1. stemphos March 24th, 2011 at 5:24 pm

    HI Chris,

    Are you seeing the same weakness in SLV?

    Thanks,
    Aaron

  2. Chris Kimble March 24th, 2011 at 5:43 pm

    Stemphos….Did Silver have a potential reversal pattern today? Yes! Did SLV break any support key support lines with todays .96% decline? Not yet!

  3. Alpha March 25th, 2011 at 5:45 am

    Chris,

    there is a chance that GLD is creating an inverse head and shoulders pattern in short term perspective?

    Thanks!