flower-shilling

Silver Price Watch

Smithys Bullion - FINE GOLD AND SILVER
Sandy Gooch said:
Jayzissss... imagine the future... cold...... dry..... anyway Chappies i have another question seeing as my last one was answered so well (A: there is no such thing as spot price, it is whatever you want it to be) Because im too lazy to research the answer , my question is why do people say there is no resistance above 30 usd. What is the logic there. The guy that got kicked out of the bar in Wasp's 'Blind in Texas', and others, have implied that if the peice of shit cracks $30 then the sphincter loosens and silver shoots to the moon assuming we have our heads in the sand. Whats the deal, why so. Wouldnt it just go to $31.60 then back to 27.50, then back to 30, then maybe it will SOAR to 33.10 then all those unmarked sprinter and veto vans with desperate teams of hivis nobodies lurking about will get proper uniforms and tasers and confiscate it because it turns out pm's are unsanitary. There is a question somewhere in that rant.
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There is a spot price. It's set by the Commodities Exchange (COMEX) and is in USD. Then you have the Foreign Exchange (FOREX) markets where currencies pairs like Aussie dollar (AUD) and US Dollar (USD) are paired together to determine the exchange rate. A combination of the COMEX and FOREX markets will determine the Australian Silver spot price.

The reason $30 is such an important price point is because silver has only broken $30 in an uptrend twice throughout history. In 2010 it broke through $30 and had an almost uninterrupted run to $50. Traders know this, and the idea that it would result in a similar outcome is based on market psychology. $30 has been a major resistance for silver and will generally see traders pulling out of trades before $30 in anticipation of a pullback, so getting over the line can be challenging

So to answer your question, we could absolutely see the market go to $31.60 and back to $27.50. But once we break through $30, then $30 will become a major support level and it's expected to see traders entering into long/buy positions once we near $30 (anticipating a reversal). Essentially, when you analyse the candlestick formations in charts and support + resistance levels, you're anticipating market psychology and behaviour. It's purely a psychological evaluation based on historical precedent.
 
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I guess it got up there but our dollar was about even then so what did pos reach in aud during this oft spoke of golden era, a few dollars more than it is right now. Obviously a 250 gram block of butter wasnt ten freaking dollars so dont get me wrong, i would love to see silver go gang busters. I just dont know why there wouldnt be resistance above 30. A slow steady rise in the support is the best anyone can hope for. Seems to be doing that at least. Ive waited years for those waratahs to go back under 40......now spot is 45. The stooge in me wants a twelve dollar smackdown. Get me some waratah coins.
 
We made it!! Today marks the 3rd time silver has ever broken $30 in an uptrend. History in the making! Screenshot_2024-05-17-22-48-56-60_a068875e8d70110f8d1ec48729c67374.jpg
 
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Silver Soul said:
Been some nice moves of late , but my 1 brain cell is telling me a big smack down is due. Take care
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Short it like a banker 😆

But damn are we flying tonight. Rounding $31 right now.
 
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Amazing! $31 has arrived. This puts silver in a great place to have a correction and still hold above $30. With only a couple of hours left before markets close, I wonder how far she can go.
Screenshot_2024-05-18-03-22-21-01_a068875e8d70110f8d1ec48729c67374.jpg
 
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