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At the time GLD yesterday was hitting rising channel resistance (see GLD resistance), I shared with Premium members that SLV looked to be creating a nice “Double Top” at a gap fill…This pattern represented a good opportunity for ZSL.
Tiho… good MA comment! SLV is up against resistance at this time, at a gap fill. Have been very lucky this year in SLV, will see if resisthace holds again. Am open to another large unfilled higher gap in SLV that has to be respected.
On a side note, you have an AWESOME blog!!!
Chris
Yeah but who cares about 50 day MA and 200 day MA. That stuff works every 10th time for the 9 times it does not work. Last thing you want to do is put your money in the hands of two moving averages… seriously!
I hope Silver falls more so I can add to my position. Having said that, Silver sentiment is so negative in recent weeks, how much more selling can we have? Speculators have completely cut their positions on the COMEX as well…
Any opinions for the medium term direction Chris?
CME silver also had a 50ma move under the 200ma at the end of October – not good