Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.
The daily chart hasn't changed much since last Friday. We still have an MACD indicator in an upwards motion and with a wide gap so we are still looking at a continuation of the current uptrend.
The RSI indicator is pointing downwards but that is a signal I'm now deciding to ignore since this is merely because we opened lower today after Fridays 12% rally.
Volume has averaged down to about 278K shares traded which was to be expected. Why? Have a look at following chart and you'll notice that during Sunday nights trading session, silver took a beating (red line) and was brought down from 17.00 to around 16.60. So with lower silver prices, boring Mondays, lower enthusiasm and a lower volume we were bound to end this day in the red.
24h Spot Chart - Silver
Chart is courtesy of Kitco.com
However, if you look at the green line which represents today's trading action then you will notice that since Sunday we've started going back up again and that was also reflected in today's prices going to the end of the trading session.
We did see a low of 0.90 at opening but overall and with silver regaining much of its losses from Sunday we saw Orko closing at 0.92.
Also, the morning hours saw the most shares traded. I'm going to see if there is a trend somewhere :-)
All in all, not too bad a trading day for a Monday! As to what is in store for tomorrow, well, I expect another up day and most certainly hope that we will make another run to get to 1.00 and beyond. Lets hope for a close over 1.00.
Is that in the cards? Sure! Why not? Will it happen? Don't know! Do you? If so, leave a comment...
As always, take care and prosper!
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![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
.png)
Silver and Gold might be under pressure this week, as G20 leaders gather in Pittsburg. Also the US has big US Treasury auctions this week. Can't have precious metals soaring and attracting too much attention??
ReplyDeletecheers
No agreed. But last time I checked China was recommending its citizens to buy gold and silver. Not only that, they plan to withdraw or have already done so...all their gold from London.
ReplyDeleteRussia has been buying loads more gold. Germany has their gold machines. Countries are reducing their dollar leverage. China is buying less U.S. debt,...I mean I could continue here for quite a while. G20 or not, I don't see Gold going much down from here. Maybe a drop to 960-970 but after that I say we're ready to break the all time high and stay for good above 1000.
But I get your point, can't have too much attention indeed :-)
Thnx for the comment!
gpr took a beating too.. but I guess for other reasons (news)... interesting week.
ReplyDeleteHi Bg,
ReplyDeleteGreat Panther Resources you mean?
Great Panther Resources Limited announced that using metal prices of USD15/oz silver, USD900/oz gold, USD0.80 lead and USD0.75 zinc, the Company projects annual revenues in excess of CAD50 million by 2012.
The news wasn't that bad :-)
Gold is regaining some of its losses so I expect a green day for the juniors.
Bye