Loading ...So much for the miners…
The fat lady hasn’t quite sung yet, but she is definitely warming up. Yet another perfect technical set up basically destroyed in a couple of days.
The silver miners look like they could be dead money at best until the september-october time frame. This week has so far has been pretty devastating for them. At worst, they will crash along with the broader market. Return-free risk is what we get with them.
The fat lady right now rests on gold’s daily pivot at $1980. If that is broken, you can kiss a near term recovery good-bye.
For silver, I would think the 50 day/10week MA has to provide support. We’ll see how we close out the week, but right now it doesn’t look so hot. If we do get a gap down tomorrow in silver, one would hope we could at least rally into tomorrow’s close to finish above the 10 week MA.
Metals are hit hard today, including Copper and Palladium. “Deflationary Money,” as Jeff Snider of Eurodollar University fame calls it.
A week or so ago I had a drop to the low 1900’s as a target. As time has progressed 1950ish could be in the works before a turnaround. If the price putzes around 1990-2020 for awhile we may see a higher price support target before a bounce. Same goes for the upper resistance target which could be 2100 or higher before the occupation in the wedge.
I don’t take the silver price too seriously. It’s all over the map.
Waiting for a clear sign before jumping in. DYOD.
I have said for a while now that all of those way down there gaps will likely be filled before the real move begins. Sitting on csh