Thursday, October 7, 2010

Silver exuberance

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.


3 comments:

trader said...

hello sir why dont you wirte a book on technical analysis.as it will be helpful for those who are not in delhi

Pi said...

awesome... for those who dont follow those markets closely.. after sudarshan ji's post silver has fallen more.. a lot lot more..

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