Silver Making a Play for the 'MOABO of the MOAMPC'
HOUSTON -- We’ve been involved in meetings the past couple of days but always with one eye on the markets and our various working trades. We share brief comments about those trades with Vultures (Got Gold Report Subscribers) in the GGR subscriber pages often, by the way.
Vultures learn to check in to the member pages frequently, because we are constantly updating our comments embedded directly in the thirty-five or forty technical charts of gold, silver, mining share indexes, important ratios and quite a few of the guru-chosen small resource companies we track and attempt to game. The charts are where we do most of our communicating between Got Gold Reports.
Vultures will recall that in July we reported then that the CFTC commitments of traders (COT) data was shaping up to be about as bullish as we had ever seen it then, with silver near or under $27. We shared similar comments then in a subscriber video and, after a delay, with the general public on our YouTube hub.
For some time now we have held the notion that silver has been in a long “flag” or pennant consolidation as the second most popular precious metal “digested” the surge to just under $50 in April of 2011 (17 months ago).
Flags are often continuation patterns that end up resolving in the direction of the prevailing trend sooner or later.
Vultures will recall our contention that this particular consolidation could be “the mother of all mid-point consolidations,” and in a recent video Got Gold Report (which we also shared with the public after a delay) we said then that if silver managed to break out above the flag consolidation we could be in the beginning stages of the “MOABO of the MOAMPC.”
Just below is a simple chart of silver showing the current attempted breakout of the huge flag consolidation. For those that don’t already know what we mean by the “MOABO of the MOAMPC” we have a link to that recent video update just below the graph.
It’s too early to tell for sure if that’s exactly what is underway, but what is for sure is that this is exactly what the beginning of that scenario would look like.
(An update of an earlier weekly silver chart.)
Link to the recent video GGR that explains the “MOABO of the MOAMPC” notion: http://www.youtube.com/watch?v=PjkDiavXLTg&feature=plcp
For those who have not been following our coverage of the commitments of traders and technical charts for gold and silver, some of our video reports are archived here: http://www.youtube.com/user/ggrprivate?feature=results_main
Vultures please note, we have updated our own trading stops as noted in the welcome section on the Subscriber pages as of today. Just sign in to the GGR Subscriber pages for those new comments.
That is all for now.
