Wednesday morning, I suggested that if silver couldn’t hold $23.80 , lower prices would probably quickly follow; silver proceeded to drop intraday to a low of $23.25 spot. Thus far, it is holding with a short-term bottom about 10 cents higher than the Jan. 5 low of 23.11. I would reaffirm that if the Jan. 5 low breaks, traders should account for the probability of lower prices still, and $22.55 would be the level to watch, in my opinion.
Gold also made another run at the $1920 level yesterday before again being beaten back down. Let me reiterate that I believe metals likely have higher to go before spring and that should a deeper correction occur, my current forward-thinking strategy is that the dip is to be bought, again. Interestingly, yesterday the US 10-year yield dropped precipitously, right in the face of Fed president Bullard who did his best to raise the prospects of a more aggressive hike path. If you read my analysis last week, you might have expected the yield to continue to drop. I wrote:"Another look at the US 10 YR yield shows that a lower low is still the probability. My bias is to be long metals for as long as the pattern is in play and the yellow support zone is in reach".
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »