Silver Price Watch
- Thread starter STKR
- Start date
Ok. One of the more interesting times in Silver's history. Only a few dollars away from it's ATH in AUD. I think we're going to push down into the low 31's (around $31.30) and then finally breakout into $33 this week...and maybe reach $34-$35 this month.
Open interest in silver will be strong and the commercials are going to have to double down to stop any play here. If they go net Long to cover themselves, then we could see parabolic moves and go FULL MiNERD
Open interest in silver will be strong and the commercials are going to have to double down to stop any play here. If they go net Long to cover themselves, then we could see parabolic moves and go FULL MiNERD
Chart analysis. I'll share my thinking with you:
This is where I saw the $31.30 dip happening. It's about where we are now. I expect there to be one more green candle before a correction.
And the monthly charts looks like it's about to take off.
It was an ugly night. But the good news is; the most undervalued asset on the planet is now much cheaper! I really shouldn't be surprised but the optimist in me always has hope for brighter days. I need to remind myself that no matter how favourable the charts look, there will always be intervention while they still have control of the physical market. Massive deficits, strong supply/demand fundamentals and favourable charts mean nothing if they have a hand to play.
But this is all good news for the long-term stacker. More time to acquire. $45 buys you nothing these days - barely half a tank of fuel - yet you can still get an Oz of the most useful precious metal on the planet.
I'm not a drinker but I look forward to the day we're cracking one open and looking down on these prices, reflecting on how cheap silver once was. Remember, it was only 4 years ago that silver dipped below $20 AUD. And two years before that we had several instances where silver was $18-$19 an oz. Double digit silver is closer than we think but patience is a virtue in this game.
But this is all good news for the long-term stacker. More time to acquire. $45 buys you nothing these days - barely half a tank of fuel - yet you can still get an Oz of the most useful precious metal on the planet.
I'm not a drinker but I look forward to the day we're cracking one open and looking down on these prices, reflecting on how cheap silver once was. Remember, it was only 4 years ago that silver dipped below $20 AUD. And two years before that we had several instances where silver was $18-$19 an oz. Double digit silver is closer than we think but patience is a virtue in this game.
Not sure what caused this snap sell off. It happened to AUD/USD as well. I actually had a short on silver on Friday that I held over the weekend, so it worked out well for me.
When we get gaps in the charts like this, what usually happens is the candles fill the gap and then the market goes in the direction of the gap... So in this case it will probably rise to $31.50 and turn back around to go lower.
When we get gaps in the charts like this, what usually happens is the candles fill the gap and then the market goes in the direction of the gap... So in this case it will probably rise to $31.50 and turn back around to go lower.