Sunday PM pre-game, 5/11/14

























What a great time to be alive for the silver shorts!!

I mean shorts with deep pockets, unlike those on the picture above (which, incidentally, I got from my good friend Eric King, who's got an extensive collection of this stuff)

(I actually swapped one from my portfolio in return, below the fold ...)





But yeah, I'm not yet short because I half expect one last sucker's rally here, mainly on account of the fact that the three line break chart I use for silver has not yet undergone a reversal (see last week's post -- it hasn't changed). But ...

Ruh Roh ...














The blue circle I've drawn in above looks like a good target for an intra-weekly move in the near future (probably not a weekly close).

And you think the Dow Jones hasn't bounced off the 50-day MA enough to earn itself the right to a nice rally here? Incidentally, check out what a real golden cross looks like, at the end of 2011 ...


On the other hand, gold's 50-day MA (green) has rolled over, another Death Cross is on its way (which Eric Sprott will surely announce on KWN).
But the 100-day MA (pink) is what's important here. It, along with the 144-day MA, continues to hold as support...

But silver is the bellwether.



Anyway, my best guess is some Ukraine BS sends gold up another $30 or so, to the blue trend line on the monthly candlestick chart again...


 Before testing the long term weekly trend line at ~$1230 ...



And should that not hold  . . .

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