Sunday, October 25, 2009

Orko Silver Chart October 23, 2009

Orko Silver Daily Chart
Orko Silver Chart October 23, 2009
Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.

Last Friday was another great day for Orko Silver. Sure we closed lower at 0.960 +0.010 (1.05%) after opening higher at 0.98 but that doesn't really matter that much considering the increased volume we had on Friday. A lot of buying at 0.95 and 0.96 adding more weight to the bottom Orko Silver is building around the 0.90 area.

We still need more confirmation and thus preferably another day in the green. Will we get one, based on today's trading I'd say yes.

Next weeks trading will be the last week of October and we are getting nearer to a possible news release from Orko Silver. Rumors go that the release will be good but until I see it verified I will have to treat them as such, mere rumors.

We are still trading at or above the 10 Moving Average. The volume is good, RSI looks good, MACD could turn up any time, still trading above the center line so trend is still up. Gold and silver look ready to start moving again, possible news coming in the week or weeks ahead, continued drilling,...anyone please clue me in on where the downside is from here??

S&P/TSX Venture Composite Index Daily Chart
S&P/TSX Venture Composite Index
Chart is courtesy of marketclub.
Marketclub - S&P/TSX Venture Composite Index Trend Analysis.

I thought today why not post a chart from the index in which Orko Silver is included. I will try from time to time to include this chart if and when I feel their is a need to. Doing charts is very time consuming so I expect those reviews to be mostly on a weekly basis.

The S&P/TSX Venture Composite Index as it is called is as you can see from the chart only half way up from its earlier high of 2600.

The Venture index was already dropping since July 2008 and if you compare to the gold chart I post below you'll see that gold since mid July 2008 tried for another attempt at the 1000 but fell short and started trading downwards and fell about 200 dollars until we hit September 2008.

Then the crisis 'officially' happened October 2008, by that moment the Venture index had already fallen from 2600 to about 1400. Couple months further in early December 2008, the 5th to be more specific, we put our low of 978.62 on the boards. At the moment October 2009 we are back around 1330 and looking at other indexes I'd say our precious Venture index still has a long way to go.

What was the saying again, buy low, sell high?

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

As most everyone here knows, March 17, 2008 we hit our then all time high for gold of about 1033. Since the fundamentals then were not that strong as they are now, golds hold above 1000 was over in just a few days. The second attempt in July 2008 didn't manage to get over a 1000 and saw us heading further down from there. The real second attempt to break and hold above 1000 came in February 2009. The breaking part was successful, the holding part however wasn't!

So, to summarize, that gives us :
  1. March 2008, one attempt and successful in holding for a few days
  2. July 2008, one attempt and failure to reach 1000
  3. February 2009, one attempt and successful in holding for a mere day
Now, looking back at where we are now and looking back at what is on the books I'd say a MAJOR change has happened. Fundamentally and psychologically.

Psychologically, the longer gold stays above 1000 and higher, the more the mindset changes. What once was deemed expensive now turns to being considered as cheap. Now mind you, in my opinion that moment has not yet been reached but things are looking very promising. That goes for gold, silver, and the commodities markets!

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