SILVER TRADE ALERT (3:00 pm EDT)
Today silver prices made a new weekly low ($23.12) and gold did not. I would have preferred to see gold make the new low without silver because silver's sub-cycle correction was due last week (it is a little late). Nevertheless, we are getting a bullish divergence signal between the metals, it is happening in a reversal zone for the precious metals, and both metals are closing in the upper part of today's range. Silver prices are also at an ideal target for a correction, and there are a few short-term technical indicators now suggesting an imminent reversal back up. It looks like a good time to go long in silver. We will do that now with an initial stop loss based on a close below $23.
Today silver prices made a new weekly low ($23.12) and gold did not. I would have preferred to see gold make the new low without silver because silver's sub-cycle correction was due last week (it is a little late). Nevertheless, we are getting a bullish divergence signal between the metals, it is happening in a reversal zone for the precious metals, and both metals are closing in the upper part of today's range. Silver prices are also at an ideal target for a correction, and there are a few short-term technical indicators now suggesting an imminent reversal back up. It looks like a good time to go long in silver. We will do that now with an initial stop loss based on a close below $23.
RSS Feed