Silver price erases ALL of yesterday’s 6% smash – closes in on $22

Sometimes you’ve just got to sit back and laugh at the state of these ‘markets’. So yesterday gold got smashed well below $1300 – only to take back ALL those loses today. And silver got positively creamed, losing around 6%, on no news whatsoever –  apart from the dollar falling out of bed and closing below 80 for the first time in eight months (precious metals positive in an unmolested market).

And then today silver, once again on very little ‘real’ news, goes from $20.6 all the way to back over $22 – a move higher of nearly 7% – erasing ALL the loses from yesterday.

Silver $ (hourly):

silver 2nd october 2013 a(click for sharper image)

And when you look at the action in silver over the past week it’s pretty clear that $22 is the level that ‘someone’ doesn’t want silver closing through.

Silver $ (hourly):

silver 2nd october 2013(click for sharper image)

There has now been six failed attempts at holding silver below $22 – today has seen the latest example of this.

Last week we mentioned that a ‘golden-cross’ had formed in silver (and gold), we can see that silver is back trading bang-on its 55 day moving average (again). If silver is going to break through $22 we must see a decent close above this average to get the bears nervous. Once $22 breaks the move higher will be equally quick as yesterday’s move lower.

Silver $ (daily):

silver 2nd october 2013 b(click for sharper image)

Grab your popcorn for the rest of the week because it looks like the bears shot their wad yesterday and the bulls have come in and cleaned the floor with them today – dips are clearly being bought aggressively which should give those bears some pause for thought – maybe its time they beat a tactical retreat to the $23 level?

Link to this article: : http://www.goldmadesimplenews.com/silver/silver-price-erases-all-of-yesterdays-6-smash-closes-in-on-22-11876/

Posted by on Oct 2 2013. Filed under Silver News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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