Silver: Sell Opportunity Arises at $23.85/95
2023.11.17 04:21
Gold shot higher through minor resistance at 1970/73 so I am happy that I did not suggest a short here and we push higher to the next targets of 1978 and 1983, reaching 1987. As we wrote yesterday, even 1992 is possible.
Today we should encounter some resistance in 2000/2002 in short-term overbought conditions. But again it’s not strong, although if you want to bet on a high for the day this is the best bet! A break higher tests the October high in 2008/2010. A weekly close above here is a buy signal for next week.
Minor support at 1972/72. A break below 1969 risks a slide to 1963/60.
Silver met resistance at the 7-month trend line at 2385/95 but overran to 2410 before reversing. This level is relevant again today but I need a wider stop this time!! Above 2420. A weekly close above here is a buy signal for next week and we could easily jump 60 to 80 ticks.
Targets for shorts: 2365, 2335, and perhaps as far as 2320.
December futures shorts at 7920/7970 worked perfectly this week hitting my 1st target of 7790/60 on Tuesday and the next target of 7660 on Wednesday and 7530/00 yesterday.
I hope you caught the 400-tick move. We collapsed as far as 7216 yesterday, wiping out 750 ticks in just 2 days. Although oversold I see no reason why we could bounce from here so I cannot suggest a long. I think gains are likely to be limited with this week downside momentum and we should meet resistance at 7370/7410. If we continue higher look for a sell opportunity at 7500/7540, stop above 7600. Targets: 7410, 7350, 7320.
