I wrote about the amount of shorts that are in the silver market yesterday, and I think its caused me to overlook what my target was on this break out. If you look at SLV, it went from 30 to 26 and broke out at thirty, I was expecting a 4 dollar move and we got that. The other thing that has caused me to not respect the technicals is the news and the breakout in gold. So I didn't sell yesterday and though its not down big this am, I'm going to sell half of my position. If i'm wrong I can always buy it back. Ah, the problem with timing!
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| I don't think we get back to 30 but 31-32 is possible. |
In the physical markets: Gold closed today at comex closing time at $1437.20 up $6.50, open interest rose by 6000 contracts and the volume was strong in gold yesterday The estimated volume at the comex today was quite good at 152,539.
Silver was also up, rising by 40 cents to $34.81. The banksters were intent today to restrict the rise in these two precious metals. They tried to influence their downward movements in the early hours of the morning. However the strength on the buy side was just too great for the crooked ones. Thus gold closed at a record level price of $1437.20 and even touched $1440.00 and silver just about hit$ 35.00 per oz.
The OI fell again in silver by 412 contracts and the volume was rather light as well, 45,000 contracts.
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