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Silver rallied sharply yesterday…for a while at least! What stopped its rally? Looks like its 23% Fibonacci resistance/overhead resistance stopped it dead in its track. Shared the above chart with Premium members yesterday morning, during a very fast market.
Regardless of the product, when market momentum is to the downside, investors need to harvest at support and then if aggressive go back short on counter trend rallies! I cited that $27 should be key support for Silver (see Silver support), yet after yesterdays morning rally, $27 was a good percentage lower!
Robert….10 year rising support has me interested. As you know, I like to buy on support with stops just below it.
Just to add to my previous question does your charting see gold falling that low to the 1350 area in the near term or probably to 15000 area
Your answer to Tom—are you saying a good entry point would be $1500 or $1350—
Chris your calls on this market
are incredible! Yes still loving your humor!
If you could look into your crystal ball
where do you see this bear market ending
on the SPX? Keep up the great work!!
Tom..Around $1,500 on gold futures, then $1,350.
To get ready for a possible GLOBAL QE3 –
At what support level would you consider a good entry point to go LONG GLD?
Hambone…Yes I supsect so. We took new shorts up against the dual resistance line yesterday morning. ZSL was up 80% last week. Since the repurchase yesterday morning ZSL is up close to 20% more in just over a day.
do you anticipate a retest of the $27 level? Any odds if we see that retest which way we’ll go???
Thanks for your viewpoint.