*I'm going to skip the hourly/daily charts, a bounce is due today. Lets take a look at the hugely important monthly charts.
Both charts are my bearish outlook into the early summer
GLD, monthly1
SLV, monthly1
Summary
I see absolutely no reason why anyone should be trying to knife catch this current collapse wave.
Best guess is GLD 120 - which is Gold $1250....and SLV 21/20 (add $1 for spot Silver price)
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Whilst equities are propped up by QE-POMO, what I am very confident about is a significant fall in Oil into May/June.
USO, weekly3 - downside target
USO in the 28/27s seems very reasonable to target in the weeks ahead.
*I am sitting on the sidelines, and watching USO carefully. It might be a viable short in the late afternoon..just have to see what sort of price action we get.
back soon!
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VIX, daily3
VIX +23%...and its now at the upper bol 'on the daily... good support at the rising 10MA - in the 13s.
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This is something I am keeping in mind, but for now..its HIGHLY speculative. Bears need a break <1538, just to have a hope of this..
Kinda interesting though