As Visitors & Readers know, I have been a pretty consistent bear on Gold - Silver ever since the April 2011 top. In fact, long-time readers know I called the absolute top @ 44.** & initiated sell for target 22.15 - I have been a nemesis and the destination of hate of Silver & Gold bulls ever since & through out we never initiated a buy for momentum trade rather we always initiated Sell Calls & Sell on Rises in #GOLD & #SILVER
Strongly Down
The chart structure in the metals -- Gold, Silver and Platinum -- all remain negative. Major chart tops have been completed, trends are strongly down and no signs of a bottom have appeared. Additionally, lower chart targets exist. However, I am tempering my view of Silver substantially. I am NOT a bull. But, I can no longer be a bear.
Several Technical Developments
First, the decline in Silver reached hit the target of $20 to $22 I identified two years ago.Second, the CFTC Commitment of Traders Data cannot be ignored.
It must be emphasized that the market need not bottom because of the COT data. In fact, these COT data points can become much more pronounced, especially because we are in a dominant bear trend. Yet, there is real reason for not becoming emotionally attached to the short side of Silver. If you are short, remain short, but be alert.
Buy Silver @ 22.15 with stops below 21.70 or 21.60 for Near term Target 27 , Below 21.56 Prices can Test 20.46 & that has to be called as absolute bottom - However @ current scenario - i dont see prices below 21.56
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