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BenjiMiller
Oct 29, 2019 10:53 PM

SILVER: bullish action today; key support holds Long

Silver/U.S. DollarFXCM

Description

Although gold broke slightly below key support trendlines this morning and bumped up against them all day without success, the price action in silver was very encouraging, as can be seen by this chart.

Still projecting a strong move in the metals tomorrow and early next week. I tend to this that we're forming the B wave in an A-B-C correction for gold & silver. Both metals look like they're going to get close to the highs (certainly 90% retracement) - that is, if my trendline projections are correct.

Any further breakdown below today's lows would not be encouraging!
Comments
BobbySpa
Thanks for silver post Benji this looks right to me. Not sure how much of a correction is left but if you are right that gold and silver have one more correction after attacking the highs, then I would think that the overall market would have a blow off top left as well. Having said that AAPL will need to blow out earnings tomorrow and FB too for this to happen. It would seem appropriate with the monster of all bull markets nearly 11 years old. The hook just doesn’t seem quite set. Again, tomorrow should be interesting.
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