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Silver on the Ropes

from Dan Norcini:

Silver Bulls had better flex any muscles they might have very quickly as the Bears are out growling and seem quite determined to go a stop huntin’.

The rectangular area shaded and marked support is an important inflexion point for the metal. If it does not bounce from this region and head back up again, in effect reinforcing its range trade, odds will favor a continuation lower to $20 and possibly down to $19.

The 50 day moving average is resuming its downward trend after having leveled off back in late August. It should now serve as an overhead cap to price on any rebound higher unless there is a solid, discernible change in the fundamentals and more important, in sentiment, towards the precious metals.

Read More @ TraderDanNorcini.Blogspot.com

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3 comments to Silver on the Ropes

  • john

    Who gives a shit,they can take the price down to 1$ if they like,in fact,I hope they do.Then I will back up many trucks.

  • Fred Hayek

    How great it is for the precious metals community to have friends like Dan who pretends our enemies don’t even exist.

  • Fred Hayek

    Should have mentioned that I love how Dan’s style of analysis ignores that there was no downturn or diminishing of the fundamentals that ever justified price going down. Dan just quickly passes over that matter every time. But now that prices of gold and silver have been smashed, well, NOW we need to see a change in the fundamentals to justify higher prices. I think Patty Hearst held out mentally against the symbionese liberation army better than Dan has against the bullion bank cartel.

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