Sunday, June 5, 2011

Good Silver Short Entry Point Presenting Itself? 8:30PM CST 6/5

(Chart 1 - Daily Silver ZOOM)

I am bearish paper silver (such as ETFs and futures) for reasons detailed here on Friday.

37.50 is the overhead line in the sand ultimate resistance.

However we just had a nice run up into a Fibonacci cluster at 36.80(62% of May 11 high to May 12 low)-36.96 (50% of May 26th high and Jun 3rd low).

I think this area can be sold with targets from this post here still valid


  1. Doubled down on my SLV puts I talked about a few days ago.

    I am out if we get a close over 37.5

  2. Thank you for your analysis. Silver looks a bit exhausted at this level. Do you see the decline starting here and what is your short term target?

  3. I agree
    37.5 is my line in the sand
    I am short via owning puts on slv (added today)

    post from a few days ago for targets and other thoughts

  4. Me as well (SLV puts). Thanks for the link. Will be interesting how this plays out.

  5. agreed
    thanks for following along and for the comments

    good luck