Back To Bombing The Middle East
I woke up this morning only to learn that my country had once again launched missiles into Syria, which quite frankly speaking depresses me profoundly for a whole host of reasons. Love or hate Donald Trump, the one campaign promise the majority of all Americans could probably get behind of was to cease U.S. participation in useless and costly wars, and especially anywhere near the Middle East. But here we go again, and quite ominously so exactly 100 years to the day after joining World War I, or what was then commonly known as ‘The Great War”.
The featured image above shows General John J. Pershing arriving in France to bolster the Allied effort. What seems strangely familiar by the way is that just a year earlier in 1916 Woodrow Wilson, seeking re-election, had proudly proclaimed that “he kept us out of war!”. The following year 2 Million U.S. troops arrived in France under the command of General Pershing. In a special joint session of Congress Wilson asserted “We have no selfish ends to serve.” He later said that it would be the “war to end war”. The rest of course is history. Which apparently rhymes considerably.
So this may not be a bad time to talk about precious metals, which have beens steadily extending their gains. We are now however heading into daily resistance on both the gold and silver front. Shown above is the latter which is now making a run for my preliminary target at 18.7.
The long term panel shows us some very interesting perspectives. The first advance which launched a year ago was reversed and a floor was in place shortly before the end of the year. I think that was a very healthy first stab higher and when it failed a retest of the 17 mark was almost procedural. Since then a new weekly spike low formed and we are now once again testing the 25-week Bollinger plus two weekly Net-Lines nearby.
The monthly panel gives us a pretty good view of what I deem to be an attempt to form a long term floor. The new spike low near 15.75 in effect is our new bullish/bearish inflection point. I have also highlighted the current range of the 25-month SMA which is now in the process of swinging up. All in all very bullish and if silver can extend its gains over the coming weeks and months then we may get the opportunity to participate in the early phases of a veritable bull market in precious metals.
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Crude update: I got stopped out by a single tick a day ago. Well, I got lucky the first time around, so I’m not complaining. Plus it seems an intermediate high may be in place judging by the exhaustion spike on the daily panel. We had a good ride – no regrets and this campaign was managed by the book
Unfortunately no end of week Hefeweizen today, beer and depression do not mix well for me. Let’s hope I’m not reporting back from a smoldering hole in the ground come Monday.