First of all safe and happy Easter to all friends and readers.
With SPI, are we seeing another FAKE-OUT or a GENUINE BREAKOUT ? Answer to this lies ahead to what happens over the next few trading days. Things can change so quickly which shows us the unrealibility of short term charting at the times that we are in. Even at best of times ( during a BULL RUN), these short term charts alone are unreliable, unless we incorporate multi-timeframe approach and determine important support as well as resistance levels, then drill things down with daily even hourly charts.
Overnight developments suggests an UPSIDE BREAKOUT or an EASTER BUNNY BREAKOUT unless proven otherwise ( FAKE-OUT). For this on this hourly chart we can now draw an UP TRENDLINE (which we could not up until now) shown in GREEN and use it as a measure of MOMENTUM. As long as the price action holds it’s head above it the UPSIDE BREAKOUT is treated as being GENUINE.See chart below which is courtesy of Tradingview.com
To the precious metal now. Only a PnF chart with a BULLISH PRICE OBJECTIVE as shown going forward. All work ( calculations etc.) is shown on the 3 Box H/L chart.
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