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  #11  
Old 18-02-2013, 10:21 AM
PGinvestor PGinvestor is offline
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I am really hoping for a downtrend to 1500+ and i will do a major buy for physical silver
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  #12  
Old 19-02-2013, 01:42 PM
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Its possible that Silver makes a strong base at 30. Its broken the 30 mark couple of times in the intra day trade but a consolidation at this mark with increasing cost of production and a short squeeze can result in an upward break.

All it would need is for a mine or two to come out and say they are closing production - just like it happened for Platinum
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  #13  
Old 19-02-2013, 08:37 PM
Altima Altima is offline
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Somehow I'm still quite skeptical on the rarity of silver. It's true that pure silver mines are rare but silver is often often mined as a by-product from mining of other metals. So I think the prices of silver will still be very much subjected to the price of gold.
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  #14  
Old 19-02-2013, 11:52 PM
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Price is still contained within the triangle (or flag/wedge in technical jargon). Will it break down below the long term yellow trendline? Where will price rebound?

My personal view is that price will respect the long term trendline, which means that a rebound is imminent - possibly no later than the following mid week.
Will both charts be invalidated eventually? We will know soon... Silver price just bounced off SGD36.40 and USD29.40... Hee hee.. Got cheese?
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  #15  
Old 20-02-2013, 07:36 PM
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The long term trendline is broken! Will USD 28 be the next stop? There is, however, a good horizontal support at 28.40...

Last edited by pika; 20-02-2013 at 10:19 PM. Reason: price action update
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  #16  
Old 24-02-2013, 10:32 AM
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For the last two days in the week, silver price had attempted to break below the resistance level 28.30-28.40 without success and closed the week in an exhausted manner at 28.71. It never touched the lower limit of the short term descending channel, even though price has broken down below the long term upward trendline.

Heading into the new week, I expect silver price to rebound to the price zone of 29.60-29.90 where some struggle is expected for it to break above 30 again. Will it move lower and touch/break the lower channel line below 28? It is possible, but I am inclined to think that this is unlikely, as the support at the psychological price of 28 is a very strong one, since it coincides with 3 previous monthly low supports.

Taking a cue from gold which has closed the week at 1580 with stronger price action, silver may play catch up in the coming week. Have a good week ahead!
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  #17  
Old 02-03-2013, 12:10 PM
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Default Silver Chart 2 March 2013



Price finally tested 28 on Friday but rebounded with very strong action, closing the week at 28.59 above the very strong support of 27.90-28.40 (zone 1).

From the bullish closing pinbar of Friday, I am not expecting the market to test 28 again although a retest of the 28.30-40 support is normal. If this holds true, it will mark an end to the 3 downwave correction that started in Oct last year lasting the past 5 months.

Moving forward, I expect price to move higher to the next S/R zone 2 defined by 29.20-30.00 range. Whether it will fall back to S/R zone 1 or continue to S/R zone 3, we have to wait and see.

Price is still contained within the short term descending channel even if it can break above zone 2. To break out of the descending channel, price has to go beyond S/R zone 3 above 31.75.

Have a good weekend everybody!
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  #18  
Old 02-03-2013, 12:58 PM
moyyewhon moyyewhon is offline
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im still bearish lol
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bitcoins are disruptive in nature, but banks are going to use it. So, my prediction is, the next industry to be UBER'ed will be gold...
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  #19  
Old 02-03-2013, 01:24 PM
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im still bearish lol
More importantly, either way we are still happy!
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  #20  
Old 03-03-2013, 09:01 AM
SilverMan83 SilverMan83 is offline
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patiently waiting for $26 lol
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