16th August - Another temporary QE fright
19 August 2013
TECHNICALS:
The bears are being squeezed and squeezed.
MONTHLY CHART
The market looks to have failed at a Prior High 1685.50
But the wider context is still firmly bullish – only a break of 1574 would really worry the bulls.
DAILY CHART
The detail is clear – the break of the recent high at 1678 – which has been good short-term support - leaves the market with very little support for some distance.
But note the lack of real volume in the sell-off of the 15th August.
And lack of accompanying change in open interest.
We are unconvinced by the sell-off – as yet.
Note well the Fibonacci supports 1647 and 1630. If they were to be broken in good volume the market would much more threatened.
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22nd Aug - Copper Recovery Threatened by Resistances 
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15th Aug - Silver Recovering Off Long Term 76.4% Level