wow 14.00 silver im long silv from yesterday lows and think calling 14bucks today is incredibly brave i think we will trade 13.60 soon but not 14.00 there is a chunk of resistance at 13.79-13.82 which silver will strugle to break refineries in europe are swamped with Silver and have so much of the stuff churning around. Silver forwards are still to the right - Im hearing of nobody hitting bids at all.
$14 is simply what I would expect <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1505861>
very good I hope you are right Im long yest from 13.16 and targetting 13.40 i'd aim to reasess and poss buy back break above 13.50
It looks like they drop kicked gold down to 655.50 after open-outcry closed. Just about $10 down from yesterday's high. This may have been the last opportunity to buy on this upleg as long as we don't see any trades occur under 655. Today's decline was good enough to get GCQ to test the new uptrend line it appears. Ideally we need to get over 666.00 and hold as this still represents downtrend resistance..
For now if GCQ trades under today's afternoon globex low of 655.50 then I will stand aside. Technically we broke short-term support this afternoon under 655 cash which is a bit negative. 650 cash would be the next major support level if gold sells off further. Ideally, we need to see cash gold get back over 655 and begin to move higher from there. We are now only $12 off the swing low of $642 cash from June 12th so we need to get moving on the upside sooner rather than later if this move has any further momentum...
I tend to agree. The buy setup failed yesterday once GCQ broke 655. I was stopped out this morning and will stand aside now. Both gold and silver look to continue their downtrend for quite sometime. Quite disappointing but that's the way it goes sometimes.