Silver Futures dropped today as we all suspected it would. So what now? Is Silver having a difficult time getting to the next level on the fibonnaci scale? It went up there before in the grey area, but it flew too high too fast and after struggling to go any further, dropped back down. Silver has been making astronomical gains since its arrival and traders have been going nuts and butts over it. However, the Silver rush is now in shakey waters. It wants to go back down and take a breather.
We have 3 working dates next week where Silver will make a decision. Continue the trek upwards, or kill it now and remain in a trading range to down for a while. According to my wedges, it looks like it wants to try to break the ceiling again. But around the 30 area is where SIlver has struggled to gain momentum. It seems like another wall for SIlver and perhaps its demise. But I see Silver making it over the line and sticking around for a while. Now as you noticed, the 19th is also featured here. Options contracts expire Aug 22. So people could be taking profits over the next week to lock in gains before something occurs. Silver might be included in this.
Expect volatility, range, but an upward movement. If it makes it over, I'm taking profits and running. Who knows where silver will land if it tries to fly too close to the sun again...
We have 3 working dates next week where Silver will make a decision. Continue the trek upwards, or kill it now and remain in a trading range to down for a while. According to my wedges, it looks like it wants to try to break the ceiling again. But around the 30 area is where SIlver has struggled to gain momentum. It seems like another wall for SIlver and perhaps its demise. But I see Silver making it over the line and sticking around for a while. Now as you noticed, the 19th is also featured here. Options contracts expire Aug 22. So people could be taking profits over the next week to lock in gains before something occurs. Silver might be included in this.
Expect volatility, range, but an upward movement. If it makes it over, I'm taking profits and running. Who knows where silver will land if it tries to fly too close to the sun again...