“Woe to the land whose king is a child and whose leaders are already drunk in the morning. Happy the land whose king is a nobleman, and whose leaders work hard before they feast and drink, and then only to strengthen themselves for the tasks ahead”. (Eccl 10: 16-17)


"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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Wednesday, January 16, 2013

Quiet Day in Silver

Not much in the way of upside for Silver in today's session but not much to the downside either before dip buyers came in. The action is suggesting more of a pause in a market that is attempting to gather enough force to take out the overhead barrier. You can see that level marked on the chart as RESISTANCE.

Bears will be in trouble if this level gives way and especially if the 50 day moving average gives way.

Downside support lies first at this week's low near the $31 level followed by the 200 day moving average near $30.65

RSI is tracking sideways but remains above the previous peak, a friendly development.




3 comments:

  1. Thanks for the great silver chart and analysis Dan!

    ReplyDelete
  2. What's your take on corn right night breakout?

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  3. the biggest players do use the moving averages to accelerate money into their trade, or to stop out... as gold cleared the 200-day MA last monday and refused to touch it again this morning...copper a perfect touch of the 50-day MA for the low another recent example... corn is holding above it's 50-day MA for the 3rd session, could say stop out longs if it breaks and holds below the 50-day...soybeans also fighting with the 50-day

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