Silver Mid Day Monday The pullback in silver has reached the 36.50 area ---- and while support looks to be in the 35.80-36.20 area ---- the bounce at 36.45 may have been the extent of the pullback. There is no doubt that the 38 dollar area is an important resistance area --- but the potential squeeze in silver in not a normal occurance --- and the potential to move above this area cannot be discounted. Closes above the upper dotted line could project up to the 39-41.50 area --- but obviously --risk is high at these levels. The pullback into today was speculated late last week as the Gold Options expiration --- and the roll over from April to June probably played a large part in the pullback. End of month --and beginning of month (april) has in the past favored higher price --- so another push up this week is still certainly in the realm of potential. The price gap from last week is the 35.35 area ---- so support this week should be solid in the 35-36 dollar area. Global tensions and crisis remains strong in all fronts --- debt in Europe and USA, Nuke in Japan and revolt in the middle east. It is forming quite the powder keg. The Japan crisis is a wild card --- as silver is not only monetary -- but an industrial metal. At the moment -- price remains up --- but these resistance levels do need to be watched. A close above 38.25 should be constructive for a push to 39 and even 41.50.


Louis Cypher said...

Thanks Bill,
Should be entertaining to see what gibberish comes out of the Fed, CTFC etc this week.

sierra_hpbt said...

hope we get a push sometime this week.