"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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Silver Chart - by Request
Taking a look at silver on the weekly chart it is not too difficult to see that it has been in a well-defined downtrend since peaking in the spring of last year. Rallies are being sold but dips into the region near $27.00 - $26.00 have been bought. The result has been to form a perfect triangle pattern on the chart. This latter or bottom level of support has thus become CRITICAL to the future prospects of the metal.
It is getting very close to this downside line again this week. Bears are going to continue to try to press it to see if they can push enough longs out of the market to break it lower. If the bulls falter or waver in the least, the metal will buckle and then drop very quickly to the 75% Fibonacci Retracement level near $25.47 with the $25 level also within range.
To get anything going to the upside in this market is going to require a push through the $30 level that can maintain a handle of "30" in front of this market.
$30 ?? LOL ... Maybe in about five more years.
ReplyDeleteAs I wrote on on harvey organ, silver will be $25 this week and $20 or less later this summer...
$17 support will be tested
Gold $1444, 1310 for sure.
Might even retrace 50% to test $1000
I hope that you're right but the FED will act well before we see $17. We will see $30 by the end of this year.
DeleteActually I hope i am WRONG, cuz silver tracks risk.
Delete$17 and below means financial things getting ugly.
Even $8 like 2008 is not out of the question.
Silver is not gold.
Hey
ReplyDeleteWhere will the Dow, S&P, AND NASDAQ end up? Drain.......
Sir, maybe I misunderstand. In our manipulated market... what does trend analysis do for us?
ReplyDelete