• Gold: 1,340.71 -0.28
  • Silver: 17.04 -0.01
  • Euro: 1.230 0.000
  • USDX: 90.104 -0.285
  • Oil: 64.47 0.65

Silver: The Good, the Bad & the Not So Ugly

Wednesday, July 26th


Just an inch higher and September Silver will trip a theoretical buy signal at 16.663. This isn’t a trade we’ll want to jump on, however, since there’s a so-far mild undertow that eventually could pull the futures below $15 again, presumably to create a more durable bottom. The most logical place for this to occur would be at 14.165, the ‘d’ target of a corrective abc pattern originating back in September at 20.145. If buyers should instead push this vehicle above 17.745 first, I’d infer the danger was past.

 - Rick Ackerman


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