No, I am not trying to portray myself as some type of Master ChartReader. You should know by now how I feel about TA, particularly in this current, fundo-driven metals market. However, in the very short term, charts can give you a few clues about the direction of the market and the forces in play.
The last 24 hours have been brutal and relentless but the worst might...might...be over. Take a moment to review these three charts, in order. You'll see what I'm seeing and understand where I'm coming from. They are March11 silver charts. I could show you Feb11 gold, too, but they look a lot alike.
Additionally, the other commodities I use as a reference are also "bouncing" as I type. Crude is back above $88 and is 0.80 off its lows. Wheat and beans are both now up on the day and 0.20+ up off of their lows. Gold is now almost $10 off of its low, too.
Again, the worst may be over. Time will tell.