• Gold: 1,283.57 -2.68
  • Silver: 16.91 -0.11
  • Euro: 1.176 -0.001
  • USDX: 93.434 -0.217
  • Oil: 48.91 1.97

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

Wednesday, July 26th

https://www.rickackerman.com/wp-content/uploads/2017/07/SIL-futures-lie-within-a-hair.jpg

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

www.rickackerman.com



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