SILVER TRADE ALERT (3:00 pm EDST)
There are several short-term technical signals right now that suggest an imminent reversal in both silver and gold as we enter the center of a strong reversal zone for both metals (March 13 - 21). For this reason, I am going to take profits in my long position in silver and sell it today. If silver prices do drop, we may buy back if silver makes a new low by the end of next week (or even if it doesn't) because a new medium-term cycle is set to begin (from last Friday's low or a potential new one this week or next).
Gold's new medium-term cycle is already in its second week, and if it is bearish, it could easily peak this week or next in our current strong reversal zones. Let's stay on the sidelines for now but keep an eye out for a good spot to sell short.
There are several short-term technical signals right now that suggest an imminent reversal in both silver and gold as we enter the center of a strong reversal zone for both metals (March 13 - 21). For this reason, I am going to take profits in my long position in silver and sell it today. If silver prices do drop, we may buy back if silver makes a new low by the end of next week (or even if it doesn't) because a new medium-term cycle is set to begin (from last Friday's low or a potential new one this week or next).
Gold's new medium-term cycle is already in its second week, and if it is bearish, it could easily peak this week or next in our current strong reversal zones. Let's stay on the sidelines for now but keep an eye out for a good spot to sell short.
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