If so, there should at least be a bounce before it gets there as the market begins to anticipate that range as the potential downside limit, ie. another 50 cents downside versus a considerably larger upside.
from the lows yesterday when the market closed gold was up around 25 dollars and and silver was up around 30 cents. the miners didn't care and went red anyway. it did try to breakout it had a nice comeback off the lows at the open rallied up around 4 percent then crashed slowly lower and lower as the day went on. only way we could of prevented this selloff was if gold and silver actually broke through their 24 silver and 1400 gold barriers. this sideways movement in metals is fueling shorts to be bolder the longer prices stay down in pm's. if there's no breakout to the upside shorts won't bother to cover. 3.64 is the fibonacci retracement line in the sand from the all time low to all time high. past that number is .85 cents lol.
Think i will wait for 85 cents or lower or never invest in wall street rigged market ever again.At least if you buy real estate with cash and it drops it does'nt matter because next door is also dropping.
I do not think anyone saw support after it broke 8, which is a large part of why we are in free fall right now. I am not saying we will necessarily hold $3.80 but there should be a lot of buyers in that area. Of course, if silver goes to $15 and stays in that range, which is where it was just a couple of years ago, EXK is basically worthless. That is what makes markets....