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Silver's Amazing Losing Streak Recalls Phillies' 1961 Season

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Published : May 05th, 2017
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Category : Technical Analysis

Silver’s losing streak could make it into the record book if it continues for yet a little while longer. The July contract has fallen for 13 straight days and is starting to look like the 1961 Philadelphia Phillies, who lost 21 straight games before beating the Milwaukee Braves 7-4 on a stiflingly hot day in August, 1961.  I was a bigger Phillies fan back then than I am a silver fan now. They had Robin Roberts, Stan Lopata, Harry Anderson, Ed Bouchee and a catcher name Carl Sawatski who is best remembered, if remembered at all, for having caught behind home plate without a chest protector. Were that Silver showed such daring and pluck! Instead, it has continued relentlessly lower and seems bound for the 15.485 target shown (a slight adjustment from the target previously given here). I’m confident it will achieve that Hidden Pivot and that there will be a tradeable bounce from very close to it. But to all of you silver bulls who like to dream big dreams, the bounce would need to hit 19.11 (!) to provide real encouragement for the long-term. Incidentally, I am treating June Gold as a separate case, since its long-term chart doesn’t look nearly as bad. Check it out elsewhere on this page if you're looking for a ray of hope.  If you don’t subscribe but would like to join great traders from around the world in the chat room, click here for a free two-week trial subscription. You’ll also receive actionable trading ‘touts’ and invitations to frequent ‘impromptu’ sessions where Rick ‘takes requests'.

Data and Statistics for these countries : Georgia | All
Gold and Silver Prices for these countries : Georgia | All
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Rick Ackerman is the editor of Rick’s Picks, a daily trading newsletter and intraday advisory packed with detailed strategies, fresh ideas and plain old horse sense.
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