follow up on silver..

just a quick update on silver..i think what i labeled a strong support at 26.01, will not hold for as long as i thought ( about a month or two)....looks to me that we are just pausing before a final push lower within the next few weeks...the target currently in my opinion is around 23.6, but will fine tune it later...for now i think its wise to jump off silver at 32.70...

-------------------- Just updating this chart quickly... actually got to 33.50, but is now falling quick.. I think this will be our range for the next 2 weeks or so, between 27 and 33...With a higher chance of breaking lower eventually.. I imagine we'll get to around 18 - 20 over the next yr or so..

Silver and Gold VERY oversold

Even in the bears wildest dreams did they ever imagine a crash so powerful as the recent one in precious metals....So, what now...For Silver and Gold, i believe we have seen panic lows...26.01 on silver should provide enough support, for a move back up to the mid 30's.... for Gold, the 1532 level is also now a strong support... Buys should be as close to the support levels as possible, with the stops just slightly below..

For example on silver, stop should be at 25.70...while the buy order should be between 26.5 - 27.0

In the last post, the buy recommendation on Gold at 1650 did not work, but the stop was there to protect, and make sure the damage is minimal...

At the highs, before all the mayham started..we had this post on the metals......

Silver and Gold about to fall off a cliff

Ive been fortunate with the last few silver calls..Here's the last post made on July 1..  I believe the corrective wave 2 is close to completing this week, around 45.50..The next wave down should see us back below 30..

The gold buying frenzy continues, taking it ever higher.. On this blog, ive tried to emphasize one point in particular..That the news counts for nothing! The markets have targets, placed well in advance by market makers.. Fundamentalists (people following the news, or value analysts) will argue that gold is in a bull market, heading to infinity...

But, every bull market comes to an end, and this one in particular is very close to ending. The extremely fast moves we are seeing now are telling us that its about to end, (or climaxing).....This is not a time to add, or buy. Rather this is a time to liquidate, and go short..What saddens me to see is that so many people are getting caught up in the hype and buying here at these prices.....Human memory is too short however, these same people, or fundamentalists will be buying all the way down..wondering what went wrong after its too late. I reckon we'll never even get to 2000..

with the exception of the 2 blue circles, we've seen a reaction at every Fibo level here. Im betting 1960 should be the level to flip this gold bull over its head...There's so much momentum to the upside, any strong pullback can quickly turn into a crash..

Silver ready to move..

On May 15, just a day or two after Silver hit 32.30, i had a post stating that we had just seen a 'major bottom'.. That level has held for more than 6 weeks, and i expect it to hold for the weeks to come too..

On May 20, another post called for a continued move higher...

On my last post on silver on May 26, i was shorting near the 38.5 level saying it had moved too much too fast..

My opinion is still that the 32.3 level will hold...and that on Tuesday July 5th, we will start a strong move higher from the 32.75 level...(Monday markets closed for Thanksgiving)

-------------------Updating this post quick on July 21...Silver has moved up rather quick..Im expecting a move lower soon, before its final wave higher towards 45-46 that should cap it off for a long time...

Silver play, 26th of May. Main trend still up

Silver got a little extended yesterday, and i was anticipating a pull back from the 38.5 level.. The move up from the lows so far looks like an ABC, rather than a five wave impulse, so the target (end of wave C) was calculated by multiplying the B wave by 1.618 (main Fibonacci retracement level).

silver update, a move to 40 very soon..


Here, we see that silver held the 32.3 (major bottom) area well, and is right at resistance...In my opinion, Silver is a strong buy, with expected strong moves upto the 40 level within the next 10 days or less...

Here is my last silver update..