U-TURN: Today’s Gold & Silver Snapback is Impressive – Eric Dubin
By Eric Dubin:
On last Friday’s SD Metals & Markets w/ Dave Kranzler, I was being VERY conservative by saying we’d easily get past $20 silver and stay above $20 within 30 days. We’re going to likely achieve that level this week, with next week remaining in the $20s. That will impress people and all the technical analysis pundits/traders will be breathing a sigh of relief.
The precious metals bull market will be declared alive and well, after a 3 month headfake. ?
The action in the last couple of hours is amusing. The dip buying in the face of selling is aggressive. There’s little “slack” in this market in the last couple of hours. That doesn’t mean that the cartel can’t come in and make a mess of things. But this U-snapback is impressive.
It’s been an aggravating couple of months as the PTB have thrown the kitchen sink at the COMEX.
But this consolidation period is over and the market is going to turn – THIS WEEK, and we’re likely going to get a pop tomorrow, following the release of the FOMC statement indicating no rate hike.
It wouldn’t surprise me if the metals are attacked leading up to and through the COMEX open, as well as right before the FOMC release at 2:00 pm EST.
I have no clue if that is going to happen. But if that happens, it will be a side show.
This market is going higher, starting today.