YeOldGoldNugget's Blog Spot: Orko Silver Chart October 09, 2009

Saturday, October 10, 2009

Orko Silver Chart October 09, 2009

By 79Atoms on Saturday, October 10, 2009

Orko Silver Daily Chart

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

OK, Fridays action was not that charming when I look at it. Nothing to do with Orko Silver though. Yesterday the whole commodities market had to take a little breather from this week's exciting action in gold and silver.

So Orko Silver opening at 0.94 and immediately looking for lower grounds was not that discouraging or disappointing to me. Already after one hour of trading we had the 0.90 on the boards. We did manage to pull back to 0.92 before noon but got quickly pulled down again and almost seemed like we were going to close the gap at 0.88 but near missed it at 0.89 before going back up again to 0.92. I wasn't really expecting anything more of the day so the fact we closed at 0.900 -0.050 (-5.26%) wasn't all that of a surprise.

Bit of a shame that we missed the chance to close the gap by a mere Canadian cent but I'm confident that next weeks first trades will do just that before we head higher again. So chart wise I'm still looking at a stock in an uptrend. We did have a 3 day low of 0.89 which mildly dampens the mood but knowing we still have the gap to fill not such a very big issue. Any further close beneath the 0.90 however would change that view for me.

So next weeks first trading day will preferably put a low of 0.88 or 0.87 on the boards before we start heading higher again. All depends on our shiny friends or a news release from Orko Silver with some new resources to be added to the list (wishful and hopeful thinking).

US Dollar 5-day chart

Chart is courtesy of marketclub.

I'll spare you the daily or weekly chart for now.

As you'll notice, the dollar has broken the 76.00 level on a few times, first on Wednesday late trading, then Thursday we already opened under 76.00 and Friday saw a small pullback over 76.00.

And looking at the daily and weekly chart...that's not a pretty picture either. The trend is very much downwards so I expect not too much of a rally anymore. Sure traders can profit from the occasional pullback but sooner or later they will get burned...when the dollar will not be pulling back over 76.00 anymore...when instead, it will start to go lower and lower. The 72.00 is on the cards now, its not a question of if but a question of when?

And as the old adage goes...dollar down, gold up! It means foreign countries reducing their dollar reserves, it means foreign countries starting their exodus from the once thought of world reserve currency which was the US dollar to a different basket of currencies, one which even might include gold.

The following article is featured on 24hGold, I suggest you check it out. It's called the Gold Wars.

I'm sure most of you have read if not few then at least one story about foreign countries taking measures, buying up gold, getting their gold out of foreign vaults, people buying futures and expecting physical delivery of goods instead of just paper-talk. There is even talk about the end of the petro-dollar...which actually already explains itself. Countries will stop using the dollar to pay for oil and instead will use other means.

Well, these events are increasing! Some of them have never happened before, some have. The fact that there are these some that have never happened before leaves me in awe of what gold and silver might do next.

This is a whole new ballroom and this time, the US courtesan is not invited to the ball.

Silver Spot Daily Chart

Chart is courtesy of marketclub.

Looking at a very bullish chart here! Silver made good progress during last weeks trading. We even put a high of 17.91 on the boards which is just a little shy of the 18.00.
Not to worry cause the 18.00 will be broken real soon. All indicators are screaming for this to go higher and the groundwork for that to happen has already been taken care of. Anything under 20.00 is peanuts now price wise and in a not too long time this will be considered cheap prices.

The following is a Rich Dad movie I found. Only to be watched by hardened gold or silverbugs.