Silver / U.S. DollarShort
Silver - At the request of the public
Updated
Silver is not an easy market. It depends of many factors. Precious metal so most of the time follows gold. Industrial metal so it follows stocks as well. And as most assets the dollar determines its movement.
Right now I think the significant part of silver damage in this intermediate decline is done. The decline started at 30$ and it dropped down to 22$. It was nearly 27% move.
If you take a look at the XAUXAG ratio:
you will notice that not so much left for XAUXAG to tag the 200 SMA.
I don't think it will go much higher than that level. It might or might not tag the 200 SMA. For an outperforming silver decline we need the XAUXAG ratio trending higher . If it's going sideways or drops gold's decline will outperform silver's decline.
That's the reason I suggested to switch from silver shorts to gold shorts. I think the gold drop from this point will be more severe ...
Even if silver's drop slows down I still think we are going to tag the 200 SMA in October. There is also a good chance that silver will backtest the breakout level at 18.7$.
Watching the weekly charts
the maximum where this retrace can go is the 100 and 200 SMA at 17$.
I don't see any realistic chance that silver will go lower than 17$ .
JPM likes to cause a flash-crash in silver before the bull trend continues. If you have a short position I would set a take profit between 17 and 18$. If an overnight crash is coming better to take profit with the banksters...
Right now I think the significant part of silver damage in this intermediate decline is done. The decline started at 30$ and it dropped down to 22$. It was nearly 27% move.
If you take a look at the XAUXAG ratio:
you will notice that not so much left for XAUXAG to tag the 200 SMA.
I don't think it will go much higher than that level. It might or might not tag the 200 SMA. For an outperforming silver decline we need the XAUXAG ratio trending higher . If it's going sideways or drops gold's decline will outperform silver's decline.
That's the reason I suggested to switch from silver shorts to gold shorts. I think the gold drop from this point will be more severe ...
Even if silver's drop slows down I still think we are going to tag the 200 SMA in October. There is also a good chance that silver will backtest the breakout level at 18.7$.
Watching the weekly charts
the maximum where this retrace can go is the 100 and 200 SMA at 17$.
I don't see any realistic chance that silver will go lower than 17$ .
JPM likes to cause a flash-crash in silver before the bull trend continues. If you have a short position I would set a take profit between 17 and 18$. If an overnight crash is coming better to take profit with the banksters...
Note
The flag in silver broke down today.Target is 18-19$.
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