Todays high of $17.74 SLV was around the 38.2% retracement from the recent selling.
AUG 4 HIGH - $18.28
YESTERDAYS LOW - $17.43
38.2% = $17.75
61.8% = $18.00
Therefore, with this correction on the shorter term time frame we can adjust the fibonacci retracement and find the area for support.
YESTERDAYS LOW - $17.43
Todays HIGH - $17.74
38.2% = $17.62
61.8% = $17.55
I was saying recently how important $17.50 happens to be. Because we had a test of this area on Wednesday, this does increase the chances this level can be taken out. However if it can hold either of the two fibonacci levels mentioned above and rise back to the $17.75 area, then we can have yet another test of those cluttered moving averages on the chart. These averages will stay flat in this manner until we can eitehr break this range to either the up or down side.
I was browsing this brief article that mentions food and gas prices have increased over 10% in just one year. The CPI does not like to calculate food and fas as part of the inflation figures. There are a lot of things that they do not like to do that they do not. Documents that they give you have a lot of particulars that make their stats to be not accurate. August 14, 2009 the prices of silver was $14.72 and thus the inflation on silver has mounted to a 22.3% increase year over year with the white metal using $18.00 as todays price. For those whom are aware of what is going in within' this world, we can see that printing money in the methods that is being done is not a sane method of economic policy. That is why I have created this silver log, because as our world governments keep printing useless paper notes, this can only devalue the money.
I have not found any articles today, and thus will look again Friday for new ones. If you know of any that should be on here, please message me on this channel, youtube or twitter (User - EndlessMountain)
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