Is silver gonna go under $30 tonight.. will this mean anything for technical support levels? Given Silvers volatility i could see a $2-$3 swing to the downside.. in someways id like that.. then we'd see a bottom and establish some support before another bull move up. 1for1
I'd like to see a $2-3 drop for sure.. made an empty promise to myself to lay off silver, still aiming for that 1000oz mark. Not long now
Hmmm, what's changed that affects Ag? QE3 is on hold but still on the table, and it seems that as many economic indicators in the USA and elsewhere are coming up better than predicted as are coming up worse. I see no reason for much movement either way. Therefore it will move, and what is unpredictable, indeed unforeseeable in advance, will become self-evident in hindsight ... Ah, volatility - shaking off the unsure investor since 1971.
I see $30 as a significant level, and I'm sure I'm not alone. It's the only support standing between silver and the possibility of plumbing old lows around 27 - 26. That's how I'm seeing it anyway - but then, I didn't expect to see $30 tested again; I thought 34 would be good. It doesn't matter too much if we touch 30 or even go a bit below - it's the close that counts and the day or two afterwards that confirms the break or not. Why is $30 significant? Round figure for starters I guess, but also the level that was reached then recoiled from on that day in April when a massive number of contracts were sold but failed to smash silver. That video by Mike Malone today was interesting. Some viewers seem to focus on him admitting the possibility of silver back into the twenties, but I believe he's putting most of his bet on gold bouncing off strong support and breaking up through a head and shoulders neckline and out of a triangle pattern, and he was also saying that gold tends to drag silver after it. I was looking at the chart of platinum recently and that looks more promising than gloomy to me, as does the chart of West Texas Crude (code: $WTIC on stockcharts.com). Silver relates to them all in some way.
Here's a page for close to real time live charts if you want to obsess: http://www.cx-portal.com/metal/silver_en.html
Clearly the $30 level has quite a psychological strength and $27 has strong chart/technical resistance.
Getting depressed seeing the falls, recalling all the hype about the predicted meteoric rises in PM from all our experts. Have they got their heads in the sand now ?
its a good sign when its moving either way means its still alive when its flat lining well we all know what that means, so coming down is good going up is good, means people are looking at it.
