Pages

Saturday, March 24, 2012

Silver - Update

Silver found an important support level last week, and bounced.  It could be ready to break, and test above the white trendline. 

However, some limited downside still may be likely.  The red-green support zone would be very attractive ($29.50-80 for the Silver futures).  The red support may be the maximum downside potential for Silver on a near term basis.

Once the low is in, Silver should rocket up to test $38-39 according to the model.  Gold is already showing relative strength compared to Silver by testing near the March 19th high on Friday.  The implication is that the downtrend for Gold/Silver is nearing completion.                   

60min Chart
Posted by at

11 comments:

  1. joedMarch 24, 2012 at 11:51 AM

    DOW MASTER CYCLE



    http://img339.imageshack.us/img339/6923/dowdaily.jpg

    ReplyDelete
  2. mickMarch 24, 2012 at 12:39 PM

    so is it a buy now or is it going lower ? confused you say it found support and could go to 38 but it could drop 10+% ...

    ReplyDelete
  3. SCMarch 24, 2012 at 1:55 PM

    I think it'll decline somewhat first, then rocket higher.

    ReplyDelete
  4. MeteoMarch 24, 2012 at 4:39 PM

    Hy Sc, i'm with you for equity market .prepare you to one of the brutal and severe cyclical bear market of history…..

    one of the biggest history wealth destruction shows ......
    https://twitter.com/#!/Meteo1970/status/176405672127250432/photo/1

    ReplyDelete
  5. RobMarch 24, 2012 at 5:32 PM

    To provide another view, here's another take on what could be in store for silver this coming week. It is going to breakout of this descending wedge in a truly dramatic fashion.

    http://silversaxena.blogspot.com/2012/03/silver-plunge-coming.html

    ReplyDelete
  6. amitt gusaniMarch 25, 2012 at 3:27 AM

    as i'm seeing, the pattern forming in spot silver chart from last 17 days is super duper ultra high bullish, we can see silver @ $58 in 3 months time

    ReplyDelete
  7. MoneymanMarch 25, 2012 at 6:50 AM

    Hi SC!

    What are your thoughts about SPX this coming week? I have seen some analysis for a move higher here to mark a bullmarket topp för the next 1-3 three years. We will topp in may..

    Still bearish here for the coming week or month?

    Take Care!

    ReplyDelete
    Replies
    1. SCMarch 25, 2012 at 8:45 AM

      I'll have an update today for SPX. We're arriving at an interesting point in time.

      Delete
  8. MeteoMarch 25, 2012 at 11:12 AM

    hy Sc , TASE 25 +1,09% DAX FUTURE +0,50%... Tomorrow UVXY may reach 13,5 at the open ......

    ReplyDelete
  9. AMMarch 25, 2012 at 8:03 PM

    i got my first buy signal on daily gold since feb 19th, could be short lived, could be the continuation of the rally.

    ReplyDelete
  10. dj oussMarch 25, 2012 at 8:07 PM

    I think the POS will go down tomorrow when the Bernanke speaks.

    ReplyDelete

Subscribe to: Post Comments (Atom)