Tuesday, July 10, 2012

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.



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5 comments:

  1. JJuly 10, 2012 at 3:50 PM

    $30 ?? LOL ... Maybe in about five more years.

    As 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

    ReplyDelete
    Replies
    1. SilverIsKingJuly 10, 2012 at 9:46 PM

      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.

      Delete
    2. JJuly 10, 2012 at 10:06 PM

      Actually I hope i am WRONG, cuz silver tracks risk.

      $17 and below means financial things getting ugly.

      Even $8 like 2008 is not out of the question.

      Silver is not gold.

      Delete
  2. White WolfJuly 10, 2012 at 4:56 PM

    Hey
    Where will the Dow, S&P, AND NASDAQ end up? Drain.......

    ReplyDelete
  3. anonJuly 12, 2012 at 4:30 AM

    Sir, maybe I misunderstand. In our manipulated market... what does trend analysis do for us?

    ReplyDelete

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