Quote:
~$61 is better than ~$51.
Well from a technical charting perspective, Silver should see $65+ before it ever sees $51.. I'll explain why.
Silver recently lost 2 key levels of support, first it lost $70 after months above it, then it lost $65.
$70 coincidentally was near Silver's 200 DMA.. Silver lost $70 and the 200 DMA, but then it retraced back above it a few days later, but couldn't hold it, so it continued lower, path of least resistance. That's normal price action.
$65 really has not been through this 'retest' as a key Support level, at least not yet. Almost every single equity that is traded has some sort of retest when it loses key Support, the retest either fails and goes lower or succeeds and skyrockets higher.
If Silver could just catch a break in the form of a reprieve from all the economic and geopolitical events that are weakening the metals, then, and only then, I think that Silver will not only retest and get above $65 but could possibly even retry $70.
Remember, first Silver has to re-test and get above $65, the caviat is that it has to hold above $65 and go higher, otherwise it's look out below..
Again, this is a technical price action, it's a process, one that trader's and the market looks and wait for as a confirmation of wether something continues to go higher or lower. This process could take days, weeks or months, but it needs to happen.
First Page
Previous Page
Replies: 2,812 / Views: 90,676
Posted Yesterday 4:03 pm
