NFTRH+; Silver price, pre-market

A little more micromanagement for you. The silver price has now bonked the first key support level, as defined by the upside touch point of the May 2022 cluster and the downside touch point that preceded it in February, 2022.

I believe that ‘C’ legs are supposed to extend deeper than fully positioned bulls might find comfortable, and if this one does that our second (and preferred) level at 20.50 (+/-) could well be in store. Remember, that level fills a gap on SLV and is also commensurate with the gap in GDX.

If the macro plays ball fundamentally, a hard correction to such a higher low would be a nice buying opportunity. Silver is already oversold on this daily chart and 22 is support until it no longer is. So it is possible it could hold. But I am going to continue to plan on the lower level, which also includes clear support from the top of the July-October basing pattern.

Gary

NFTRH.com