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Silver Wheaton Corp. Message Board

  • chemaes44 chemaes44 Sep 11, 2013 11:06 AM Flag

    Today's commentary

    Was stopped out of my position last night.

    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.

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