Silver can't quite jump over 13.40 cash resistance yet. As long as 13.20 holds then this is likely just some consolidation action. However, if 13.20 breaks then we could see 13.00 again.. SIU7 shows 13.21 as the 50EMA so we should hold this level on a closing basis if the new uptrend is to remain intact...
September Silver (SIU7)
- Thread starter Realist
- Start date
Silver had quite a volatile day today with cash silver moving all the way up to 13.50 before backing down. Looking at the SIU7 chart, it would appear to me that Silver is prepping up for a decisive breakout over 13.50 key resistance sometime this week imo. SIU7 had a closing settlement of 13.45 so things are still looking good from my standpoint. I continue to remain long here in anticipation of a major breakout in silver prices...
Once 13.20 broke the trip down to 13 was too be expected. Cash trades down to 13.02 have occurred so it is possible that the selling could be finished. However, if 13 gets broken then the uptrend could be in some serious danger. For now, 13 is support but we will need to close the week back over 13.22 (100DMA) if the bulls wish to maintain control of the uptrend...
Silver looks much weaker than gold from a technical standpoint at the moment. Silver is considered to be more speculative than gold so the liquidity issues are affecting silver more than gold right now. 12.50 looks like very strong support but right now I would look for stronger buying support to come in first. Ideally, Silver still needs to breakout over 13.50 and hold that level for at least one full week. To reiterate my concerns, gold looks better right now...
SLV is weak, but I think its just a shake out and your 12.50 should be good support, but I think if it was going to get there, it needed to do it today.
Bought 20,000 oz (via 2000 shares of SLV) today.
Tomorrow is trade deficit, and that usually turns the dollar south. The month being reported China had a record surplus, and oil was high.
Bought 20,000 oz (via 2000 shares of SLV) today.
Tomorrow is trade deficit, and that usually turns the dollar south. The month being reported China had a record surplus, and oil was high.
Quote from SethArb:
in my opinion silver looks better than gold right now
but this could change in a few days or weeks time
Lol, could be-if it does move up, more value in it; got me stumped, as a larger (long term) pattern, this is similiar to many others.......that resulted in long downtrends.
All i know is my trusty indicators have flatlined on no less than 3 time frames, and i really dont anticipate volatility will drop that much.