One more day left in this week and like most of them we will have it end on a Friday. Next week I think is Good Friday and an off day, but the gains lately have been huge on Fridays. Currently there is eight straight Fridays that have had daily gains and ten winners out of eleven. At the start of the rally silver underperformed on this day the other four days and now it seems the opposite is true. My bias is pretty strong right now for this rally to continue into Friday and most likely making a play towards the $43.40 level that I talked about at the end of last Friday's session. Don't know why the gains are happening like this on the last day of the week, but they are. What I notice is that on the 10-1 streak of Friday up days that six of them occurred with closes at or very close to the days highs. It seems the last hour (4pm to 5pm EDT) the silver market on Friday has decent size gains to close the session. We'll have wait and see obviously but the bears have been wrong and bulls have been right.
The technical analysis played out perfect today within' the fibonacci range mentioned this week. I didn't expect the breakout to give us gains of $1.50, but it does not surprise me either. When I say "all sell off guilty until proven innocent with a rising five day moving average" that is because the buyers are in control and thank you Brian Shannon for being a great teacher. This was a successful five day test and the market has seen some great gains. I am sure now the Bollinger bands are going wild and the MacD's are telling you that it is overbought. Short term we need to correct at some point and some level. As I write this at 7:41pm EDT the market is at $42.26 and sixteen cents from the new 31 year high. It's been going sideways and that tells me that we are not over extended on the most shortest of term time frames. On the intermediate because we made a high of $41.97 on Monday morning and sold off, this tells me that we still have upside growth potential as the gains have only been a little over 1%. When Silver makes new highs it seems that the gains are 3-4% at least from its previous peak. Last Friday I stated a level of $43.40 as my next go to target and Im sticking to it. Likely hood we should be there soon. Tomorrow is Friday and usually Friday's are good days. It is options expiry for SLV shares and most Fridays this year have resulted in good up days. I may put another piece out tonight. Not sure yet. Thanks for stopping by and keep stacking :)