Thursday, June 9, 2011

Silver (SI) Update by popular demand 6/9

A 4 hour chart of silver to our left here, we see that after silver sold off from 38.75 to near 35, we bounced back up to the 37.5 level. This was within the retracement of the down move shown in purple. But it then moved downward to retrace the up move and stay within those bounds (shown in green). So right now were at a decision point. Silver either continues moving up in this small up trend seen by the green retracements OR we continue down, just forming a mini double top here and enter back into the purple retracement zone. I personally dont like either play at the moment, but if i had to choose it would be to the short side as we are in the upper portion of the range formed after the early May sell off.

2 comments:

  1. Great Chart Sandwich, thanks.

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  2. Thanks, and thanks for following we appreciate the comments

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