Real Time e-mini S&P Trading, plus contrarian commentary on all the markets, all the time
Thursday, March 30, 2006
Silver
Here is an hourly chart of pit trading in May silver futures. Above that chart you will also see a monthly chart of silver futures trading going back to 1989.
I had been expecting a long term top in silver near the 1/2 point (950) of the second box up from the 351 low in 1999. But the market has proven much stronger than I was expecting. Today it actually has moved a bit above the top of the second long term box (at 1150) and traded as high as 1171.
I think the top of the second box at 1150 is going to be strong long term resistance and that the next big move will carry the market down to the 1/2 point of the box (950) or even to the bottom of the box (750). Meantime there is resistance above the market at the 3 3/8 multiple of the 351 low at 1185. Since the market has yet to start producing shorter swings within the move up from 915 I think it will probably hit 1205 before any break begins.
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