WOW! My short term predictions still coming good....silver continues to rally - evening update
Good evening silver steemers.
Below you will see an update of the series of charts I have been producing over the last few days, trying to predict the course of silver over the short term and to date I'm doing ok.
The #steemsilvergold community is starting to really growing fast thanks to all those that are now using the #steemsilvergold hashtag. And many thanks to @hgmsilvergold for started our community.
Further details of the #steemsilvergold community are posted below my charting of silver. Please join us and I hope you benefit from each others sharing.
During today's trading we have consolidated the overnight gains as can be seen in the chart below. I have tried to annotate it so that many will spot the short/medium and longer term trend lines. I will try to keep the same colour scheme throughout my charts, so they will be consistent.
The MACD and RSI continue to trending north, which is positive and for the last few hours silver has been consolidating around $16.70 after a quick try at $16.75. My next target is the 'Target zone', as shown on the chart below in magenta.
The chart below is from last nights action where it can be seen the breakout occurred. As I pointed out in this mornings post, I thought we would stay within the light blue tram lines; and that it did.
I have added an older 'medium trend' line [red]; please remember the older the trend line, the more 'strength/power', it has to hold it. Hence why it did not surprise me that we halted at it, but it doesn't mean it can't be broken, either, it may just take a bit of time and consolidation prior to it composing itself before the next attempt at breaching it.
The chart below shows the original chart and where I saw the idea of this current trade, primarily for information.
Below are the details of the #steemsilvergold community and how to join us:-
@hgmsilvergold has started this thread and he has brought about our community of 64 members; thank you!! Below is a list of our newest members.
@greenstar @kabrink @silverino @silverslayer @grizzman @anothervoice @coolbowser @sminchow @sevinwilson @ajain @tbnfl4sun @goldgoatsnguns @ckz @ronnieramli @hiphoplifer @mittenmetals @gemstoned @silverfuture @harleymechanix @bola @ereandthere @calam
We have already more than doubled our membership thanks to your support. We need to increase the membership as a priority and with that we need your help and content to keep us current members interested and indeed wanting new members to join us.
Please upvote and resteem this post, so that we can add more members and achieve our community goal.
Invite as many gold and silver people (stackers, analysts, writers, traders and more), as you can, from this and other forums that you are on.
Goals of #steemsilvergold:
Encourage members to produce quality content.
Ensure members are rewarded for great content.
Ensure Steemit is a go-to place for precious metals news, analysis and more.
Ensure that the community becomes significant here on Steemit.
We will achieve this if members:
Upvote and Resteem quality content produced by other members (check the list) – regularly check #steemsilvergold and support each other
Grow the community - Invite more members: wales, dolphins and minnows. Furthermore, invite from other forums outside of Steemit.
Continue producing good quality content - We need to really cover the range of needed silver and gold related content: Analysis (fundamental and technical), Advice & Intelligence, News, etc.
Use the #steemsilvergold when posting, and provide a link to this post, possibly stating that you are a member of this community.
Contribute skills and know-how - There are certain administrative/representative positions that need to be filled: Whale Sponsor, Marketing, possibly a Celebrity Figure and any other we can think of.
Please nominate yourself, or others, for the other representative positions, or any thing you can contribute to make this community succeed. If you nominate someone outside of the community, then take the initiative and invite him or her yourself.
To Join This Community:
Follow all the members (provisionally all the people listed above)
Resteem this post.
Upvote this post and leave a comment on this post that you want to join
Optional, but very important: Do a post about why you are joining this community, and how you will contribute (kind of like an introducemyself). Use the #steemsilvergold
Note: It is very important that this is an active community, so that we stay motivated. Therefore, I thought we should put some effort into joining the community.
I am @silverdroneman and happy to be a member of #steemsilvergold. If you like this post, then please resteem, up vote and follow me, along with the other members.
Thanks for sharing this. I have conflicted feelings on charting precious metals because it is clearly such a highly manipulated market, driven by intervention and not by market forces.
If all these "contracts" resulted in an actual exchange of metal, that would allow market forces to exert an influence on the determination of price. But we have a situation where people who actually own metals, watch as traders dump huge "paper" contracts at the end of a good day for metals, just to drive the "fix" down (fix in the truest sense of the word.)
That said, I do check out charts. Yet, I suspect some event or series of events must happen before actual market forces determine the price for precious metals at their true value.
For example, just looking at the increase in the money supply over the past ten years (world wide via central banks), it would only make sense that the price of a scarce commodity would grow at least in relation to the expansion of the money supply. Thus, even silver at $30 is a sad joke.
Beyond that, I'm new to steemit. I very much like the idea of this community , but I have a question: is there an actual #steemsilvergold "community" or is this simply a hashtag?
From the procedure, I'm assuming Steemit does not have a function that allows users to form a group. It was rather tedious clicking on so many profiles to follow members, and if we are fair to new members, this will be an ongoing task as new members "join."
Edit: Again, I think the idea of a community is a great idea, but it seems unworkable to me. When the writer of the above post was nice nice enough to upvoted this comment, but for whatever reason didn't follow back, the situation became clear to me. I understand folks are too busy to ensure that they follow new members to the community, yet without that there is no community. So I took the time to unfollow those who didn't follow back, and in fairness to the "community" I won't use your hashtag for future posts. It's isn't possible to delete, but I did erase two posts with the "community" hastag.
I think I will revert back to my original intention of simply rewarding YouTubers whose content I enjoy with Steem upvoting. If I do find something I think might be interesting or useful in the future, I'll simply use the conventional tags.
@roused , yes there is an actually community, but yes we operate within the limitations of what the platform offers. It is still new (not even a week old), so we are still finding our way. Members following each other is really the best way to make it work, but I see your point about not everyone following back.
Nice post. Following you and upvoted.
Thank you; it is appreciated. I am following you as well; the mutual appreciation society.
Nice. I'm a technician too. Keeping and eye on the $16.50 level.
buying oppurtunity
Gold/silver ratio at 1:74 is a joke, history show us that 1:17 was the regular correlation. Although with the consumption of silver as an industrial metal shorted the supply of silver. Now silver is more scarce than gold, that tell us when the manipulation is over silver will make a scary jump upside.