Battle Line Drawn at Silver $16.50?
Battle Line Drawn at Silver $16.50? by Rory for The Daily Coin
UPDATE 9:18am EST: The traders, for the moment, have broken through in fairly convincing manner and now let’s see if they can hold the line. The chart, unfortunately, is turning back towards $16.50 but it’s still early in the session and way early in the day. Is this a sign of what to expect later today? Did someone get an early look at Fed Chairman Powell’s notes? Are the bullion banking cabal setting the table for a smash? All of this and so much more will be made clear around 4:30pm EST. Stay tuned.
Screen grabs at 7:30am EST.
I was reviewing the article I published yesterday – Silver Is DETERMINED To Move Higher!! – as I approached the bottom of the article the live chart came into view. This is what I saw
Notice inside the three white circles – beginning yesterday after the opening of the NYMEX session $16.50 was hit hard on two occasions and now during the early morning Hong Kong, London and Globex sessions traders have been fruitlessly hammering on $16.50 line with just a very, very slight breakthrough of $16.505!!! This is laughable.
The momentum killers attempted to keep both and silver in check on Tuesday and were able to reverse some of the momentum in gold, Silver on the other hand moved up and is seemingly on a mission to get somewhere higher. Why all the resistance at $16.50? What’s so magical about that point on the chart? The next real break doesn’t come until $21.25 – you know, a full $5 north from here.
If silver we look at the chart below, from SilverPrice.org, we can clearly see the problem. This general area of $16.40 – $16.60 has been a point for resistance since 2015. Once it moves above, solidly, $16.50 it should run up to $18.00 before it hits the wall.
If silver can stand above $16.50, somewhere around $16.60 – $16.65 for the remainder of the week [wishful thinking] then next week we should see strong moves once again. Don’t forget the cabal is always lurking, always watching and playing a game that we are not allowed to be part of. They make the rules, they determine the outcome and have proven time and again they will beat the charts into submission in a moments notice. With that said, this time it feels different. However, I refuse to relax and let my guard down as we have seen all too many times what can happen when we do relax.
Later today we have the Fed heads making noise and it will be interesting to hear what they say and how gold and silver respond. Should be an interesting day.