Is Silver Ready To Hit $50 - 1/29/2026: Will It Hit $130? - Previous Milestones In First Post

Alright, one last time.

Silver reached the target yesterday when it closed at $65.88 and hitting a high of $66.25 intra day.

Not to overlook that Silver just went up for 5 straight days.

Mission accomplished.

Gold, as I previously stated, had an upside price target of $4,400, yesterday Gold closed at exactly $4,400.80 hitting the target right on the dot.

Mission accomplished.

Today and tomorrow are day's for the Silver to digest this move and also for Market's to absorb some key economic Data and contemplate on what it could mean for September.

Harry213, what upcoming economic data will be released and what to look for?

The day shift has been relatively boring. I wonder what the night crew will do?

Overnight bought it up around $1.80 an ounce or nearly 3% from yesterday's close, it's currently $66.70ish at 9am premarket.

The high at 5am was $66.98, for comparison yesterday's high was $66.68 so we're only talking 30 cents difference in the Highs. Haven't really gone anywhere.

What I'm seeing this morning is resistance above $66.70 as well as a big spike in trading volume at 8:30am, and an increase in volatility, this sort of confirms my hunch that the seller's are camping out in the $66+ to $69 zone

There's a secondary target for the Bull's and it's sitting at $70 and depending on how the day/week goes this could be revisited. But I'm not betting on it.

Alright my final trading thoughts/plans for Silver and Gold for today now that the economic Highlight of the week is behind us. And markets will relax a little until September.

While the a probability of another 3%-%4 move up in Silver to $69-70 is possible, like I said earlier I'm not betting any money on it, at least not today.

Though the CPI didn't exactly paint a worse picture, it didn't paint such a great picture either. Neither hot nor cold. I'd label it neutral, Luke warm. But we're still sorta cooked.

I think now that it's behind us the markets will relax a bit but this rally will eventually get sold off. Gold will likely see some support back at the $4200 price level and Silver will see support at the $63-$62 I think between now and September.

I hate to do this to my fellow Bulls but it was a fun ride and I'm heading back to the bus now and preparing for the ride back. I started building a short position on SLV in the form of long dated leveraged options. I'm buying October monthly Puts, I bought the first 2 today, I'll be scaling into another 8 contracts over the next few days/weeks for a total of 10 or around a $4,000 position to the downside.

I might be early but I won't be wrong. Hey what the point of watching Silver and charts all day if you can't make any money off of it?

With any luck it will be Down to $64.30 by end of day, I just hope I get a chance to load up on a couple more Puts before that.

Nice my Market order got filled for 2 more.

That's 4 contracts with another 6 to go.

They're good until late October so no rush.

The important thing is to scale in slowly, not all at once, in case the trade turns against you, minimize risk.