New resistance point broken - opinions

Discussion in 'Silver' started by Little_Mountain, Oct 21, 2020.

  1. Little_Mountain

    Little_Mountain New Member

    Joined:
    Sep 25, 2020
    Messages:
    12
    Likes Received:
    18
    Trophy Points:
    3
    Location:
    Southern California desert
    Greetings all,
    I’m still relatively new to the forum, so forgive me if I’ve put this in the wrong sub.

    I’m not a spot watcher, per se, as my theory since I started buying in 1993 is to “just buy.” That said, it is interesting to watch various key points as they occur.

    Today (Wed, 10/21) saw silver break through a bit of a resistance point of $25 (USD). I’m curious about opinions on the board. Do you see this as a new support level, or just a bit of fluctuation? If so, why?

    While the US is not the sole driver of spot, it is a major contributor. General chaos, election year vulnerability, and a pandemic have thrown most historic stochastics out the window, but I’m curious what folks think about breaking this new resistance level break through.
    Cheers.
     
    JohnnyBravo300 and slavaja like this.
  2. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

    Joined:
    Dec 31, 2014
    Messages:
    1,441
    Likes Received:
    1,305
    Trophy Points:
    113
    Location:
    Melbourne, Australia
    Joe from Bullion Now has a fairly good analysis here:

     
    Little_Mountain likes this.
  3. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    2,049
    Likes Received:
    1,497
    Trophy Points:
    113
    I'd personally like to see it another dollar or two higher for a time and hold that level.

    I'm not a spot watcher either but it's all correlated still somewhat.

    I do believe it's coming soon either way and silver will still keep going north in the long haul.
    Anyway welcome to the forum, I'm a "just buy" stacker too haha. It's a good addiction to have!
    I'm still buying and havent really stopped. Just to save some cash and catch my breathe from time to time haha.
     
  4. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    2,049
    Likes Received:
    1,497
    Trophy Points:
    113
    I did cut back buying above $25 usd and I only purchased around 20 ounces between 26 and 29. A few silver dollars and some various one-off cool rounds.
    I mostly saved cash during that time and made a big purchase when it dropped back to $25 and some gold the week before when it was $1800 something.
    I felt pretty safe in both purchases in the long term.
    I try to be patient when I can but then again the cash burns a hole in my pocket eventually. Plus it sucks to see grocery prices rising and not knowing for sure if things will cool down some or it's off to the races.
    I'm glad it dropped a few bucks and I had the chance.
     
  5. Pirocco

    Pirocco Well-Known Member

    Joined:
    May 24, 2011
    Messages:
    4,972
    Likes Received:
    154
    Trophy Points:
    63
    Location:
    EUSSR
    Just wait till it's $15 USD again
     
    sgbuyer and sammysilver like this.
  6. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    20,671
    Likes Received:
    3,652
    Trophy Points:
    113
    Location:
    昆士蘭
    Below $22.50 is a lot of clear air down to any recent support.
     
  7. Pirocco

    Pirocco Well-Known Member

    Joined:
    May 24, 2011
    Messages:
    4,972
    Likes Received:
    154
    Trophy Points:
    63
    Location:
    EUSSR
    Deleted due to accidental reply instead of edit.
     
  8. Pirocco

    Pirocco Well-Known Member

    Joined:
    May 24, 2011
    Messages:
    4,972
    Likes Received:
    154
    Trophy Points:
    63
    Location:
    EUSSR
     
  9. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    2,840
    Likes Received:
    1,556
    Trophy Points:
    113
    Location:
    Singapore
    Not to worry, if Trump wins, you'll have lots of work which means extra cash to buy silver. In the long run, price will go up, just keep stacking!
     
  10. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    2,049
    Likes Received:
    1,497
    Trophy Points:
    113
    That's what I like to hear! Weve been as busy as ever this summer and it's been a good stacking year for me.
    It never gets old.
    We are almost off for the winter and then I have 4 months off with half wages until we go back in the spring.
    It's a nice rest from the crazy summer work and I get to hang out with my wife and dogs but I miss the overtime.
     
    Last edited: Oct 31, 2020

Share This Page