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.
Thanks for the great silver chart and analysis Dan!
ReplyDeleteWhat's your take on corn right night breakout?
ReplyDeletethe 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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