Thursday, March 22, 2012

JB Slear: Bullish Charts Forming on Gold & Silver Charts, Bottoms are Near

JB Slear's analysis indicates bottoms are near in gold and silver after the past 3 weeks' corrections:

If one wants to look at charts for a formation that might predict a direction, we have a couple of lookie here’s for you. Firstly, on the right hand side of the charts (both Silver and Gold) we have a defined “declining wedge” which is indicative of an upward move once the futures price break above the upper red line.
Secondly, when one observes the 8 months of time (in the charts) for a formation, one will see an “Inverted Head and Shoulders” (starting in Sept of 2011) which is also indicative of a stronger - longer move higher... My internal indicators, Fast and Slow Stochastics have bottomed out and have been below 20% for almost the entire month of March, Relative Strength is also close to a bottom. Add on top of these the declining wedge points towards being finished within the next week finalizing the inverted head and shoulder right side formation, this could be bullish J ... Stay Strong!!