SILVER TRADE ALERT (3:30 pm EDT)
Today both silver and gold rallied a bit. Gold seems to be rising from a strong pivot point that ends today. If gold manages to make a new weekly high over the next few days (it is close) without silver doing the same (silver is not so close), we will have a strong bearish divergence signal inside our new reversal zone for the precious metals (Sept. 2 - 10). Some of silver's technical signals are looking bearish, and today prices rose early towards resistance at $32 but then fell back sharply to close at $31.35 (bearish behavior). I am entering another short position in silver today with an initial stop loss based on a close above $32. I am still on the sidelines of gold. If gold does make a new high over the next few days without silver, I will most likely sell it short as well because the tops to the current medium-term and 50 week cycle are now overdue.
Today both silver and gold rallied a bit. Gold seems to be rising from a strong pivot point that ends today. If gold manages to make a new weekly high over the next few days (it is close) without silver doing the same (silver is not so close), we will have a strong bearish divergence signal inside our new reversal zone for the precious metals (Sept. 2 - 10). Some of silver's technical signals are looking bearish, and today prices rose early towards resistance at $32 but then fell back sharply to close at $31.35 (bearish behavior). I am entering another short position in silver today with an initial stop loss based on a close above $32. I am still on the sidelines of gold. If gold does make a new high over the next few days without silver, I will most likely sell it short as well because the tops to the current medium-term and 50 week cycle are now overdue.
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