Ideally silver should close back over 14.50-60 in order to confirm a reversal to the downtrend from the 16.20 high. Once this barrier is clear, then I imagine that silver will begin to move very quickly again to challenge the 16 print...
yipeee ... my "junk silver" ( USA 90 % and 40 % silver ) coins are up today nice ! of course I should have hedged some of my physical when silver was $15.75-16.25 a month ago
Quite a powerful down-move in silver last 24 h. This could be a wash-out of weak hands, of course, but not quite happy with gold testing the lower trend-line in it's - what is it called in english - pennant(?) - formation. I'm taking note again on how vulnerable leverage-positions are if you get carried away to early and scale up at the wrong time (given a medium to long term time horizon, that is). Luckily I avoided this in silver, though I at one point hold a bit too much gold.
anyone care to update their charts and or opinions on silver after todays close or by the end of the week ?
Have not learned how to post charts on this forum yet, but can give you an updated opinion. Deep test of resistance in silver appears to have been a wash-out, as suggested above. Break above 15 was the confirmation I was looking for, and used to scale up. Now trailing - last updated trailing stop at 15 (approx.), still in effect. May adjust it after todays action. Gold - the leader broke out of its pennant formation after a similar deep test of the trend line, looking strong as ATH was taken out directly. I am aware of certain alternative technical theories which could indicate a butterfly top in gold, however the first (1,272) is now irrelevant given todays action. The last area to be aware of is approx 880. Personally, I do not rate them very high in terms of probability, and am happy to trail my positions according to classical TA.
All I know is when I woke up this morning, I read 2 or 3 separate articles by "people in the know" saying that the commodities run was over and to sell gold. Coincidence?
I looked at charts last night and saw a major buy formation, never listen to anyone, trade what YOU see.
any silver's bears last stand was this am in european trade same thing happened a few weeks ago or months ago a fierce rally up to around the $16.25 level basis the most active futures contract then ... whammo ... back under $16.00 perhaps the next time $16.00 will stick ...