The silver market is holding up well still. With a high of $34.33, this means that only a few individuals are down on their paper purchase. This would be those whom bought this past week above our current close, and these people are only down less than two percent. Outside of this everyone is ahead over the last 31 years. Of course the disconnect from the bullion and paper market has not played out as of yet, but is getting closer. Is this the reason that both afternoon sell offs failed? I don't know, but it is holding up well. There was one sell off today that started around 1:20pm EST. This seen silver drop from $33.92 to $33.50. The buyers rushed back into the market and managed to top this market at a level of $33.82 just five minutes after the bottom. The selling would continue again as we seen the price plummet to $33.36 and again the buyers bought it back up as you can see on today’s intraday chart below. To enlarge on any image then please click on the image to make it bigger. Any of these images can be used in your video/blog presentations. If it is a large blog/video or you want something specific for your needs, please contact me at endlessmountain2008(at)yahoo.ca
Key Fibonacci level to make this selling a week ago a failed move is $33.30.
This level was taken out last Friday and the selling moves today were right at this area. By having support here twice today and a nice move following this going higher, we will be in the process of having this selling that occurred at this time. A confirmation of this level means a very high chance of a test of $34.33 very soon. This $31.70 low is also finding support at the major $31.40 level I have talked about for two years now. This support is a large pierce above of over one percent, but this is confirming that this fibonacci level is ready to move the next one of $48-$50 per ounce. When will it hit this area? Well it could be this week, but I wouldn't count on it.