While I was watching the silver price soar last night, I started to get the feeling that there might be something else going on here. And if there is, and that’s what’s driving the rally rather than...
This week’s upside breakout is turning the $4400-$4000 zone into massive support...the $3500-$3200 area is currently the big one but $4400-$4000 is coming nicely into focus now too.
Swiss gold exports fell 15% to 109.5 tons in November, led by a 92% month-on-month slump in shipments to India, according to the Swiss Federal Customs Administration.
For the time being, we are assuming that wave (iv) is becoming a bullish triangle, and therefore wave -c- cannot fall below the wave -a- low of 3886.05.
Gold on Thursday traded to as high as 4410 in closing Friday at 4369, +66% year-to-date; Silver traded to as high as 67.68 in closing at 67.40, +130% year-to-date.
With silver overbought and herd greed soaring, downside risks abound. Silver will get sucked into and amplify any material gold selling back to the lower end of its high-consolidation trading range.
