UPDATED II: What’s That?! Silver Above $17!!

What’s That?! Silver Above $17!! by Rory – The Daily Coin

UPDATE II – 3:25pm CST

Not sure that I agree 100% with the assessment below but it seems to be close. I’ve looking for a break out above $18.25 with the “big one” coming just north of $21. – somewhere around $21.25+. These are the numbers I have read at a variety of websites operated by some of the best analyst around. The thing is, just I predicted this morning – and manifested with gold – the cartel is still in charge and all the technicals, fundamentals and voodoo that a person can muster means absolutely nothing if the cartel has an order to fill or the sky is blue at a particular time of day – the bullion banking cartel will set the “price” they need to satisfy whatever whim needs attention.

The author of the snippet below says this is “chart based buying”. I presume it’s his way of saying “technical trades/buyers”.

The silver bulls have regained the overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the January high of $17.785 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.50. First resistance is seen at $17.50 and then at $17.785. Next support is seen at $17.00 and then at today’s low of $16.73. Source

Here’s another view that is closer to the path that I’m following:

Gold is making another strong push toward the $1360 barrier this morning trading at $1353 and up $6.50 on the day. Similarly, silver is displaying strength – up 31¢ and over the $17 barrier at $17.09. Gold has made a number of attempts to break through the $1360 mark and it will be interesting to see whether or not this push will be the one that carries it through. Gold and silver’s upside appears to be part of a larger move in the commodities complex this morning led by oil – up over a $1 at $72.70 as this written. Some experts believe oil could push through the $100 per barrel level over the next several months the result of a supply-cutting deal among OPEC members led by Saudi Arabia. Source

end of UPDATE II

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UPDATE – 10:35am CST

While visiting Twitter this morning Craig Hemke reported what we stated earlier – the cartel is back on the job!!

Silver is still holding strong!! When we first reported this just after 7:30am CST silver had topped at $17.09 and moved down to $17.05. As of right now, 10:43am CST – silver sits at $17.20. Well above the $17 mark, but far below a breakout. Movement to the upside is always welcome.

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Following the slight gains from Tuesday it appears something is happening in the “pits” this morning. We are on the brink of the “market” opening and the metals are reaching for the stars.

It appears someone will be fired later this morning for allowing silver to breach the $17 mark. I feel confident that soon after the termination of the Fed Trading Desk “hack” silver, along with gold, will be beaten back into submission. The cartel can’t have people getting all excited about silver making moves above $17  where it has been held captive. We can only hope this is not some mistake and the current gains will hold and we will begin seeing movement to the upside for both the shiny and the yellow metal. Nothing would make us any happier than to see the Fed Trading Desk lose control of this market. I somehow don’t see that happening on a no news Wednesday. especially when we have seen another attack on Syria and the metals market yawned at such an event.

We can only hope as the metals reach for the stars they can at least grab the moon!!

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The Daily Coin

Rory Hall, The Daily Coin. Beginning in 1987 Rory has written over 1,000 articles and produced more than 300 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Silver Doctors, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Shadow of Truth YouTube channels to enjoy original videos and some of the best economic, precious metals, geopolitical and preparedness news from around the world.