Comments on: Silver, Gold, & EUR/USD Rally Into Resistance

By: salapati2

salapati2 — Thu, 06 Aug 2020 20:09:40 +0000

DJIA golden cross today. SPY formed similar golden cross a month sago. Since then it is up.

By: Ari512

Ari512 — Thu, 06 Aug 2020 18:30:11 +0000

Silver looks like it’s making another bull flag. There’s a good chance it might go up another 3-6% tomorrow if this holds up. There’s nothing to stop this move… unless the CME pulls off an increase in margin requirement like they used to to bring prices down. We’ll see, but looks like silver will hit $30 by tomorrow maybe.

By: Divergent Low Account Balance

Divergent Low Account Balance — Thu, 06 Aug 2020 17:24:09 +0000

Excellent post…thank you.

By: rsotc

rsotc — Thu, 06 Aug 2020 16:48:07 +0000

In reply to pkm48193. "Prices can run much further than common sense suggests".... 100% true. Gold & silver could very well continue to run for quite some time although, with the current momentum, it would more likely be more so in price, less in time, before the next decent correction. With that being said, both are at or very near some pretty significant long-term resistance levels with the $USD at support & Euro at resistance. As such, I'll be watching closely for any decent sell signals or early signs of a reversal from around current levels as the odds favor it IMO.

By: Action_Jackson

Action_Jackson — Thu, 06 Aug 2020 14:41:16 +0000

In reply to pkm48193. I think nothing can move a market this fast unless there is a short squeeze going on. Everyone is expecting a sharp pull back like when it tagged 26 but if everyone is shorting... Volume buzz today on ZSL is still 2000% vs AGQ which is 800%. The more precarious the technicals look the bigger the short positions get.

By: pkm48193

pkm48193 — Thu, 06 Aug 2020 13:45:26 +0000

I agree that it’s too far – too fast, but all the short sellers are dead and nobody is selling physical. Prices can run much further than common sense suggests. Closed my futures position in Silver when it made my target at $27.950, but holding GLD, SLV and the miners as the long term trend is still positive.