I will be on Bloomberg-Utv on Friday, Oct 8, at 3 PM. Do check in if you can.
Just a few days ago, I mentioned a bull market going on in Gold, and, Silver. In the past 3 days, Silver has moved up dramatically, almost becoming a bubble. Today, the metal opened with a gap on the MCX, then went on to touch 34800. Just 3 days ago on Oct 4, it was at 33000. To me, today's gap up and the price level seemed like a blowout. I have been long in Silver. It was really a positional trade, but today's price action and the really absurd price told me to sell and exit. Which I did. I am giving below the 60 minute chart for MCX Silver (courtesy: Trend Analyser, http://www.technicaltrends.com/) . Note the consolidation around 33000, then the breakout, the multiple long range bars and today's gap up. Readers analysis and comments are welcome.