Silver Holding New Support
The range bound dance continues in the silver market, holding within the 23.6 retracement level from May 12th to May 24th, until a break out on the 25th. New short term support was found and we now remain between the 23.6 and 38.2 retracement levels.
To to continue the trend reversal and gain some solid upside potential, the longs need a close above $38.50/oz in the spot market and 38.15 for SLV. The shorts need a close below $33.50/oz for spot silver and 32.50 for SLV to threaten any further consolidation.
I remain long and continue to build my position .
good call on the range back in may
ReplyDeletehow long will this rangebound mess take?
Thank you, I can only guess this will last another week or two, before closing outside $33-38, as the end of QE2 stirs some irrational optimism and fear alike.
ReplyDeletehey, I sent you a pm on 2+2
ReplyDeleteIndeed, info has been sent sir.
ReplyDeleteUntil next time.