Silver is the more excitable precious metal and it has fallen out of bed since we noted the dangerous (albeit anecdotal) sentiment extremes in the gold (and silver) community. Another point of interest? Check out the “BULLISH GOLDEN CROSS!!!” of the SMA 50 above the SMA 200 that preceded the smash down. Further proof that these are better caution signals than bull signals on the short-term. Now add the golden cross and the community tout-a-thon and, wow. I should have been even more guarded than I was. It seems like such a no brainer in hindsight.
So where might silver find support? Well, it’s about as easy to see as where we found – and noted – resistance previously. There always was likely to be some sort of disturbance at the noted resistance area and silver should at least try to find support at the 14.75-14.85 area. RSI may need to tank the 30 level first to get a hearty oversold and a heaping helping of humility restored to the gold/silver bug community.
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