AUG 29
Long term- Up / -- GOES TO NEUTRAL ON A monthly close day below 27.70Medium Term-Bearish/Neutral - Need a close above 32.00 to neutralize the downtrend.
Intermediate Term- Bullish-- Need a close below 28.20 for bearish trend
Short Term- Bullish – Need a close below 29.00 for bear trend
Initial resistance 30.85-31.25 and 2nd tier 31.85-32.00(all prices Spot)
Initial Support 30.20-30.50 and 2nd tier 29.50-29.80 (all prices Spot Forex)
the last report listed initial resistance at 31.04-31.45 and the high was 30.98. Support was listed at 29.99-30.39 and the low was 30.48
What Next?
There was a mild pullback on Monday and there are two gaps in price on the chart but none have yet been filled. The SEPT futures contract is in its final few days of trading and it will be interesting if they squeeze more or if they look to liquidate.
Pullbacks to the 29.60 area should find support.
There seems to be RESISTANCE FORMING IN THE 30.90 – 31.05 area.
Bottom Line
Silver still needs to overcome the downtrend line on the weekly chart and has some resistance around 31.10 and then 31.50. Price did pullback after hitting 31.25. Overall the trend is up but certainly additional pullback could still occur and silver would still be in a solid uptrend.
With the short term cycles due to turn, if there’s going to be a correction the next two weeks would be the prime time for it.
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards
