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in hindsight, the GBP chart may be too recent (to call long-term anyway)

 

there is also a longer term pre-2008 crash support somewhere nestled in-between:

 

aglongersupport.gif

 

linear charting was superior long-term on palladium - i guess you should use both (log) and make your best judgement

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on the merits of log vs linear charting, it got me thinking about trying to incorporate both on the same chart. Obviously practically impossible to visualise, but perhaps using log markers on a linear chart?

 

anyway, re. silver, the linear trendline looks like an irresistable support now don't you think?

 

linearagtestii.gif

 

as with all monthly charts, there can be some big tails!

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A nice bounce in silver, but one thing that strikes me is that there is still quite a drop underneath it (as a consequence of the size & speed of the correction). It's important to stress that no one can predict which path silver will take should it break through the current support. However, should it wish to test the most obvious long-term support thereafter ($29ish by my reckoning), there remains a gap. I have no idea whether it will test that range; there should be good support in and around $34 (a double-bottom if you like).

 

hmm, sometimes the you miss the most obvious things!

 

whilst looking at the current support on the monthly GBP chart, the current support on the monthly USD chart is there for all to see. Now, needless to say this wouldn't be a 'long-term' support like all of those that exist between $29 through to $33. However, if we impose a palladium model target zone on the silver chart, you can see the most mundane way for silver to reach that target is to just carry on the path it is currently taking. Sure there is still great room for volatility, but if this current support holds true, we will see this narrow (and eventally attack resistance) throughout the summer.

 

So, without doubt, the way forward is to watch that line and forget about everything else, unless it becomes relevant (broken).

 

agbuyzoneii.gif

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weekly & monthly silver chart updates:

 

Looks like the long-term linear resistance (broken on upside) will now be tested as support - which needs to happen really, to see how strong it is:

 

 

http://i1018.photobucket.com/albums/af304/triple-agent/agweeklymay.gif

 

http://i1018.photobucket.com/albums/af304/triple-agent/agmonthlymay.gif

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The following chart of the natgas nymex contract is monthly (so pretty crude) which shows a wedge formation following the long decline since Q408:

 

 

natgasnymexcontract0911.gif

 

 

This is an interesting enough setup of its own accord, but i was scratching my head thinking where had i seen this before (http://www.housepricecrash.co.uk/forum/index.php?showtopic=98606&view=findpost&p=1761541).......

 

updated:

 

 

pdwedgeQ0109.gif

 

pd never looked back thereafter, we shall see what happens with natgas

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