Weekly World Silver Index with upper and lower major trendlines drawn. These trend lines cuts off the parabolic moves up and the selloff in 2008.
Silver dropped below the lower trendline in the sell off in September 2011 and bounced along it until the sell off in December. Also note that the chart formation has a triple bottom in the low $26 area.
1 year Daily Silver chart gives a closer view of the resistance areas:
Silver has hit the lower trendline which has been a major resistance point. Once it pierces the lower trendline, the 2nd major resistance area will be the orange trendline from the $49 high to the peak made in late August 2011. This is roughly around the $35 area which is also the area of resistance in October/November 2011.
With all of the 'money printing', Silver should probably be trading north of $75 at this time. When you have corrupt entities like the CME, CFTC, LBMA, Goldman Sachs, JPM, HSBC that can push these and other commodity markets around to their favor, this is what you have. A suppressed market. Get used to it and if you are a trader, try to be on their side of the trade. I know it's hard to short a market that is long term bullish, but that is how good traders make $$$.
Silver dropped below the lower trendline in the sell off in September 2011 and bounced along it until the sell off in December. Also note that the chart formation has a triple bottom in the low $26 area.
1 year Daily Silver chart gives a closer view of the resistance areas:
Silver has hit the lower trendline which has been a major resistance point. Once it pierces the lower trendline, the 2nd major resistance area will be the orange trendline from the $49 high to the peak made in late August 2011. This is roughly around the $35 area which is also the area of resistance in October/November 2011.
With all of the 'money printing', Silver should probably be trading north of $75 at this time. When you have corrupt entities like the CME, CFTC, LBMA, Goldman Sachs, JPM, HSBC that can push these and other commodity markets around to their favor, this is what you have. A suppressed market. Get used to it and if you are a trader, try to be on their side of the trade. I know it's hard to short a market that is long term bullish, but that is how good traders make $$$.
No comments:
Post a Comment