Wow, what a brutal day this has been. It now appears certain that silver will not reach 42-43 before first notice day. That pick is going to end up costing The Turd a lot of money. I'm very sorry if it has negatively impacted your account, as well. The obliteration of Friday and today has caught me by complete surprise. Just another reason to leave the day-to-day trading of these "markets" to us poor, addicted gambling fools and, instead, confine yourself to the regular, slow accumulation of physical metal.
To that end, the new site is almost ready. Technically, it's finished but I still have to learn how to do my postings as well as craft some introductory messages. I may still get all this done by later today but I don't know if I'll make it. I'll keep you posted.
Let's start with gold. It has broken through the primary trendline which dates all the way back to Turd's Bottom in January. A couple of things:
1) It has done this before and recovered so its not the end of the trend...yet...though it might be.
2) The trend was/is going to end soon, anyway.
As stated in the "roadmap" and often since, gold was seasonally due to peak in June and then trade sideways through the summer. I strongly suspect that these "doldrums" have now begun and that gold will be rangebound, roughly between 1460 and 1550 until mid to late August.
Silver looks awful. Take a look at this dreary, ugly 15-minute chart:
Silver, too, now looks rangebound for the summer, bounded by maybe 31-32 on the downside and 37-38 on the upside.
Crude stinks, too, but it still has some support left. Take a look at this chart and be sure to note the quick, snap-back rallies that have occurred from the $96 level.
Thanks again for hanging in there and patiently awaiting the new site. As I publish this, my next call is to one of the developers so she can teach my how to write these posts on the site.
Again, I'm very sorry that silver failed to make $42. It's a real drag but we live to fight another day. For now, preserve capital and maybe take the summer off from trading. Get ready for happier times in the fall. TF