Orko Silver Chart October 05, 2009

Gold Spot Daily Chart

Chart is courtesy of marketclub.
Marketclub - Gold Spot Trend Analysis.

Today I will start off by showing a couple gold charts to try to better visualize as to where we are right now and what we're looking at near term (you can do your own diligence as to where I see silver going after reading this). This is always one of the hardest things to do reading the chart of gold at a time like this where gold is trading just below, just over or looking to break the all time high. Lots of different factions with opposing interests will each try to do their bit in getting this thing either to keep from breaking the all time high or breaking it and leaving it wondering what the heck just happened while already history books have marked that moment as the last days of the three digit gold price.

What do I think? Well if this were a simple neon sign I'd say it was something in the likes of this :



A tarot card reader would tell you its what the cards are telling him, a poker player will tell you its how the cards are played and how the deck is stacked. For me, its a combination of the three. The cards in this case are telling me the next card in the deck will be the ace, from the looks of the dealer I'd say the deck is rigged, in the corner of my eye I see a faint shadow moving as swiftly as the wind, I know the deck rigging issue is not a problem anymore, as for how its played, well, how do you play a Diamond Royal Flush on the river?

Now to get back to the White Knight issue, lets take a look at following chart.

Gold Spot 5 Minute Chart

Chart is courtesy of marketclub.
Marketclub - Gold Spot Trend Analysis.

I don't really think that needs much explaining. Pretty much every action that drove the price too far beneath 1000 got immediately countered by strong consistent counter buying keeping the price above 1000. Definitely a tug of war going on this time. Neither last years rally in March 2008, nor this years rally in February 2009 have seen this kind of highly bullish action.

Something is afoot and I honestly can't tell you whether this means we will actually see someone's foot ending up someone's behind for failing to short gold this time around or whichever way this goes, if this were like the doomsday clock it would already be pointing at 5 minutes to midnight. I'd leave it to all to make up their own minds on that one.

Orko Silver Daily Chart

Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.

Orko Silver was quite the surprise,...is what I would have said if I were writing this last week. However, looking once again at what happened with the price of silver one need not look to far for possible reasons why this closed in the green today. Like gold, silver made its similar high spike a couple minutes for noon. Maybe that's what it is indicating.

HIGHNOON.

Yes, that must be it, like in the Wild West stories, coincides perfectly with the spike.

Orko Silver opened at 0.82 which was quite a bit lower than Fridays close of 0.85. This lower opening did however coincide perfectly with the 0.82 of just a couple weeks ago from when this rally to breaking the 1.00 started. We already saw the 0.87 on the boards during the morning hours but it didn't hold. During the rest of the afternoon and with silvers steady up march each other passing hour added another Canadian cent and we managed to close at 0.87 +0.040 (4.82%).

I need Orko Silver to trade above 0.90 again to confirm the bottom at 0.82 and to confirm the end to the recent downward momentum and with that the start of another run up to break and stay above 1.00.

Exciting times ahead. As always, take care and prosper. If anyone has any thoughts they'd like to share, be sure to leave a comment.

Thanks go to Icons etc for the Neon icons.

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Orko Silver Chart October 05, 2009