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Silver Spikes on Globex Open, Clears $31

by The Doc, Silver Doctors:

Gold and silver have extended last week’s rallies in early Globex trading prior to Monday’s Asian open, with gold popping to $1675, and silver clearing $31.

Friday’s bearish looking COT reports notwithstanding, both metals are now above key averages, with the price for both metals trading ABOVE their respective 20 DMA, 50 DMA, 100 DMA, and 200 day moving averages. This should result in heavy momentum buying by the funds and algos on Monday and Tuesday, and should see gold and silver continue their rallies from last week.

Look for silver to encounter resistance in the $31.50-$32 range, as the metals has now made a $4 vertical move higher without any significant correction. Silver’s coming correction should take it back near $30, which we expect to hold as support, and would provide an excellent stacking opportunity if and when such a correction presents itself.

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1 comment to Silver Spikes on Globex Open, Clears $31

  • Troy

    Silver might hit $32-$33 by Friday…depends what Bernank says. If he announces QE3, silver may go to $33 that day. If no QE, then maybe a pullback to $30.

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