Silver Update

Silver is in a trading range right now, manipulated or not it is what it is. I have done a lot of reading over the weekend to reassess what is going on in-terms of fundamentals and for the first time in a long time there is some confusion as to what the FED should or will do (and that is reflected in the volatility, to a degree) and that is causing the experts to be split down the middle in terms the fate of the precious metals, then there is the issue with manipulation, we have an election coming and bonds, yield and the USD. The good news for technicians is that we can ignore the news or the noise and practice discipline in terms of support and resistance but mainly trend. And depending on when you bought or added Silver you need to assess that for yourself. If you bought Silver at 6 bucks you don't feel so bad, but if you bought it at the highs then obviously you have a different take on the matter even thought the long-term trend is up. Right now the trade is simple you see where the lows are you add there and subtract as it gets close to the 50dma and thats it. Summer usually stinks for the metals and July is the worst month for price action statistically.  There are folks like James Turk saying that this summer will surprise a lot of people as metals will explode higher. Others think the opposite. All have good arguments, we just have to see how it all plays out try to stay out of the prediction game which is something I am somewhat guilty of.

I will have a few posts up later today on what the experts are saying in terms of debt, QE or no QE.