Friday, June 10, 2011
A lot of the markets are in one way moves it looks like today, and being as its Friday and I'm not sure what exactly to analyze today, we ask you to let us know if there is anything you want us to take a look at and give our opinions on. If so let us know in the comments.
(Chart 1 - Daily silver zoom)
(Chart 2 - Daily silver)
(Chart 3 - 60 min silver zoom)
(Chart 4 - 60 min silver)
I've been saying it all month.... Precious metals look toppy.
37.5 was ultimate resistance.
We stop ran it, then came back through it pretty well
Current support is at 36.75 (low of 60 min bullish channel and 3rd potential touch of it as well)
If/when we break that, 36 will attract buying.
I don't see that holding, and see us getting to at least the midpoint of the bearish magenta daily trend channel, near 34.5.
Ultimately, I see us getting to 33 in the next couple weeks