Posted the chart below two days ago, which looked like the sideways channel in Silver was about to end. (see post here)
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In the chart below, it looks like Silver is having some success breaking from its sideways channel.
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Game Plan…Will follow the breakout and buy SLV with a stop just below line (2), which should now become support.
I have received several dozen emails from viewers, sharing they bought it two days ago…Great Job to you that did! My Hats off to ya!!!
Michael…I suspect it is due to Silver futures declined late yesterday afternoon and overnight. Actually it is a surprise to see SLV up as much as it is today, since Silver futures are a little soft.
Hi Chris – Do you have any insight why ZSL massively jumped overnight? This does not correlate with SLV moving back to its fib.
B…Great question and Thank you. I liked the looks of the sideways upper level consolidation of Silver a couple of days ago. It if reaches the 62% level you mentioned, we will have a little pocket change at hand. Plus if Silver should take out ole fib 61% its really “Hi Yo Silver” time!!! 😉
Am keeping a stop on at the breakout level…
Chris – why own silver on a break here when the 62% Fib retracement level is so close? Shouldn’t we expect resistance at that level and/or a pull-back? Wouldn’t you want to wait to own the metal on a clean break above $32?