Silver Mid Day Thursday Update 12:30 pm EST



The silver market continues to consolidate on Thursday. There is a mini Feb uptrend channel that Silver has been supporting on the top of the channel line. Note each pullback from the high has supported on this line. Additional support is the red line just below 32.50 and the lower trend line just above 31. Price has now been capped three times at 33.80 and thus resistance is the 33.80 - 34.00 area at the moment.

Chart supplied courtesy of Bill Downey of Goldtrends.net  for more charts and analysis visit his site.

3 comments:

Cris said...

Well, we know what happened next.

This too shall pass.

Any insight re: WB?

Interested in YOUR opinion...

Louis Cypher said...

Hi Cris,
No insight as regards WB. I gave WB access to make posts ... not just comments.

Anything I can add would be just superfluous hibbedy jibbedy as I think Harvey Organ has summed it perfectly.
Weak spec hands washed out ... which is typical.
We are always behind as regards reported numbers but it LOOKS like we have a lot of strong hands standing for delivery. Or at least with the cajones to stand longer than the small traders.

I have said all along the truth will be in the COT reports. IMHO so far so good regardless of beat downs.
The pubic have done their part squeezing the physical supply. It's up to the guys with the gray hats to do their part.

sierra_hpbt said...

thanks for the update.