Silver fought a pretty decent battle overnight resisting lower lows, and it needed to because this is a critical price level that if it gives way, takes it down a couple of dollars.
At the same time, the dollar seemed to break down this morning and is projecting to the low 81.00 but PM's could only muster a tiny pop before falling back. As the dollar continues to fall it's very important to watch PM's early reaction. If they don't pop up, I think one has to get out of PM's or be short.
Looks like a battle for dominance right here.
if the price gets under 23.057, the runes say short it. If it gets over 23.166, long is the way to go. Anything in between the 23.166 to 23.057 is just sidways action for the rest of the day or noise - a coiled spring waiting to release.
If you're a pattern watcher, the 5 min either looks like it is putting in a H&S or consolidating for a breakout, one way or the other, looks like we'll know the answer soon.
Hit 23.11 on spot, under chemaesee 's 23.57. W iv ran up to the base of W 1, a strong run, suggest Wave IV will also retrace well, perhaps from 23.70 up to 25.40, some good trades there if they develop. Good resistance level at 25.40, bet we see it a couple more times before we are above it.
SLW filled an open gap at 24.15. As per my read on 9/5 in ref to a Head and Shoulders chart pattern, target of about 24 has been met. There is still an Ascending Broadening Wedge between about 23 and 31. There is also a 63 cent gap at 23.29. This gap must be filled. Other gaps are 19.34 and 17.78. GL