Silver In Four Charts
Just a technical companion piece to Ned's post above, from your favorite "mentally-challenged", "morally bankrupt" and "dangerous" analyst.
Let's start with a review of this chart from Tuesday. So far, so good:
And here is where we are currently. First, this 8-hour chart shows four, clear reversals from Cartel-inspired takedowns. This is very bullish and indicative of strong demand for both paper and physical. Furthermore, extending today's gains through the highs of last week...after the ugly beatdown of yesterday...is a very positive, short-term development.
On the daily chart you can see where we are headed next. A close today or tomorrow above the highs of last Friday and yesterday near $34.28 would clearly indicate that $35.50 is next.
And I believe that this next challenge of the $35.50 level will be the final one. Silver will break through this time but don't get too excited just yet. I expect heavy and serious EE resistance between $37 and $38. Maybe even all the way to $39. It may take a few days to get through. It may take a few weeks. However, once through, $44 awaits and, after that, the old all-time highs near $49.
Smile, be happy and live your life with joy!