www.goldtrends.net Silver has reached the 41.95 area on Monday and is very close to the upper purple channel line. The highest monthly close in 1980 was 41.50 ----- so there should be some resistance in the 41-43 area. Support is the 40.50, 40.00, 39.30, and 38.20 area. A pullback to the 40 area or even the upper dotted trend line should provide support -- at least initially. The trend remains up -----and the lower purple channel line and the dotted trend lines are first support this week.
Silver Monday Update
www.goldtrends.net Silver has reached the 41.95 area on Monday and is very close to the upper purple channel line. The highest monthly close in 1980 was 41.50 ----- so there should be some resistance in the 41-43 area. Support is the 40.50, 40.00, 39.30, and 38.20 area. A pullback to the 40 area or even the upper dotted trend line should provide support -- at least initially. The trend remains up -----and the lower purple channel line and the dotted trend lines are first support this week.
I wonder if the trading algos factor in dollar inflation when they look at previous highs? No matter, interesting times ahead once silver busts the $50/ounce barrier. I also wonder (like a few on Turd's blog) what happened with the $36 derivatives barrier. It doesn't make too much sense they allowed this price action to occur. Not complaining, of course .. just suspicious.
ReplyDeleteA user call "Blythe" keeps posting on Turd's site. This is worth some analysis I will dig out my notes shortly once the family go on their holiday.