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One day patterns that should be respected in Silver stocks and Gold

by | Mar 24, 2011 | Kimble Charting

One day a trend does not make…yet trends can start to change any given day. See below for single day patterns at the top of channels that must be respected!

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Gold has been stuck in a trading range for almost 5 months and Silver stocks have reflected relative weakness compared to Silver. Both SIL and GLD had single day negative patterns at the top of their trading ranges.

Even though one day does not make a trend, this one day action is owed a great deal of respect!

3 Comments

  1. Alpha
    Alpha on 03/25/2011 at 5:45 AM

    Chris,

    there is a chance that GLD is creating an inverse head and shoulders pattern in short term perspective?

    Thanks!

  2. Chris Kimble
    Chris Kimble on 03/24/2011 at 5:43 PM

    Stemphos….Did Silver have a potential reversal pattern today? Yes! Did SLV break any support key support lines with todays .96% decline? Not yet!

  3. stemphos
    stemphos on 03/24/2011 at 5:24 PM

    HI Chris,

    Are you seeing the same weakness in SLV?

    Thanks,
    Aaron

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