(Chart 1 - Daily silver zoom)
(Chart 2 - Daily silver)
(Chart 3 - 60 min silver zoom)
(Chart 4 - 60 min silver)
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
yep, i'm still expecting more testing of the $33 support level. I had initially thought we would get down to about $28 early/mid may, but recent tests of the $33 level have shown solid support, so I'm not really expecting it to go much lower than that.
ReplyDeleteIf we can get through 35.94, I look for 34.40 to be the next support, but yes I think if it gets to 33, buyers will try their best to keep the floor under it.
ReplyDeleteIt is the same as WTI crude at $96 a barrel... Huge support and consolidation, but if it goes through there, it will fall like a stone.
Quite a drop from yesterdays high. I think we bounce a little right here and then continue the trend downward.
ReplyDeleteAs long as we dont close over 36.70, I think shorts are still good to go
ReplyDeleteI created some small new holdings in SLV and GLD puts today (see positions page for details)
3620 is big right here,
ReplyDeletea push lower from here and i think we get to low 34s by beginning of next week.
Bought some more slv puts when we couldnt push past 37.60 area. Might buy some more on Monday.
ReplyDeleteCheers guys and great work!
Ty for the support Lix
ReplyDeleteHope those SLV puts work for you
do you see silver in a bear pennant/flag pattern?
ReplyDeleteI see silver with strong support given by the trendline drawn from the lows of May 12 to June 3rd. Today that support is just north of 36.
ReplyDeleteA close under 36 today will make the short case that much stronger. A close over 37.5 will give me SERIOUS pause.
Hope that helps and I am sure we will post a gold/silver update tomorrow during the day (been a very long and busy weekend).
cheers
Now that we got under 35.50, I think bounces to 36-36.5 can be sold for a move down to 34.40
ReplyDeleteCheck positions page
ReplyDeleteI added to gld and slv puts on the open
Yes happy with silver right now. Is your short term target 34.40?
ReplyDeleteYes and intermediate is just under 33
ReplyDeletecovered some of my puts on that last downspike (details on the positions page)
ReplyDeleteyep, same here. gonna hold a very small position just to let it ride. waiting for a little bounce to enter a short trade once more.
ReplyDeleteGreat call by the way. Your charts are very helpful, thanks.
Thanks
ReplyDeleteTell your friends ;)
Martin Armstrong stated that JUNE 13 will be the lowest point for GOLD, after that its a straight line up..SILVER to follow.
ReplyDeleteWhy should I care about the baseless speculation of a convict?
ReplyDeleteIf you have some reasons as to why that will be I am more than game to see them and discuss it, but just telling me someone who is in jail for massive fraud said today will be the all time low based on his "feel" just doesn't do it for me
thanks for the comments and I'm certainly interested if you have more details.
*was in jail... sorry
ReplyDeleteit's early days, but watching today's charts is making me think Martin Armstrong's stance mentioned by EA could be right.
ReplyDeleteCertainly looking that way....
ReplyDeleteI am still short but near my "crying uncle" point
Too bad EA never responded. I was interested in why that day was the day? I like reasons, not just taking someone's word for it.
yes, inndeed. not worth paying much attention to such unqualified statements, but kinda hard to ignore all the same. Time will tell if he's on the money or not.
ReplyDeleteGreat site btw, keep up the good work :o)
I hear ya.
ReplyDeleteThanks Matrix appreciate the support
Last 48hrs have been busy so I apologize for the lack of charts
Been trying to just say what I see when I have a spare second here or there.