Wednesday, May 18, 2011

Silver Update

No coincidence, dollar probably done going up and metals done going down. 
Since last Thursday we have had multiple attempts to get below 32 and they were bid up hence the  three spike on the right side of the chart. Added to that, we had three or four attempts to break below 33 and those were bid up. You can see yesterday's intra-day posts.
I put up the SLV to show the decreasing volume over the past 4 days, lack of conviction  by the sellers.

As I mentioned yesterday, the HUI usually leads the metals in bottoming and it has held the recent low and has has had two up days, I'll feel better once it closes above Monday's high.



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