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The above chart looks at Gold Futures, on a weekly basis, the past few years.
So far this week, Gold is attempting to form a reversal pattern (bearish wick) at (1). This reversal pattern is taking place at the highs of 2015. If this pattern remains at the close tonight, it will be the largest reversal pattern since the highs in 2013 at (2) above.
Below looks at Silver Futures–
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So far this week, Silver is attempting to create a reversal pattern as well at (1) above. This potential reversal pattern is taking place just below last years highs.
Joe Friday Just The Facts– More often than not, bearish reversal patterns at prior resistance highs, have taken place at very important price points. Will see if its different this time. With “Dumb Money” traders holding the largest long positions in years and smart money traders the opposite, it might pay to keep a close eye on these patterns and the near term price action of Gold & Silver
If you would like to stay abreast of these type of pattern in the Gold & Silver markets, we would be honored if you were a member of our “Metals Report.”
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Hi Chris, your chart and comment were posted during the session of Friday. As you know, at the close the prices went up some more, so that the pattern is now less “dramatic”. Would you still have the same conclusion here, that is, utterly bearish? Thank you.