Loading ...The next few days in silver could be bloody…
Get ready for some serious shenanigans. It’s possible silver makes a move down below $25 by Friday.
A weekly close below $20.80 would worry me, which represents weekly cloud support–we have absolutely no business breaking below that level IMO. Short of that, it’s all noise. But it could get much uglier before it gets better. Also, the rising 50 WMA, currently at 21.63, should provide additional support. If we were to break below those two levels, hats off to the bears.
Those weekly candles are horrifying already on AG, EXK, HL, etc. Looks like end of bull market candles! (Not saying that’s the case but DANG, they took silver bugs to the wood shed) GDX H&S about to crack. 🙁
Nah I’m not that worried. The weekly Ichimoku clouds not to mention the 50 WMAs should offer serious support. That being said, they typically make these corrections as scary as possible. When silver breaks below $20, I will get worried. Before then, just clench the cheeks and hold on.
We know these candles were manufactured by the margin increase. Right now silver has rebounded, but the question is how aggressive will the market makers get here. With silver sold out I’m thinking not very much.
Price movement before Nymex opens is pretty meaningless. Silver could be down another buck or two at the open tomorrow.
Nautilus I knight thee Sir Naughty
You are the resident Silver Fear Porn Guy
🙂