Silver Targets To Watch

Here’s this morning’s chart of Silver. First and foremost, congratulations if you made a money on that tremendous move down as our first target that we maintained since December of 2011 was met ($22.00). Now this is where things can get tricky.   Note the fib levels on the chart that show where overhead resistance lies on any snapback rally. Remember, old support becomes resistance.

SPOT SILVER:

FIRST RESISTANCE: $24.49/24.50 SECOND RESISTANCE $25.09…. IF IT FAILS THE LOW OF $22.00 continues to be support that must hold.  As I was tweeting last night, $22.00 did prove to be a nice little battle ground and the bulls won the first round.  I tweeted if $22.00 held we would see a nice rally and we are getting that today.  I will look to re-short if $24.50 fails on this rally.  IF $25.70 is taken out, we could see a nice $2.00 move to test the breakdown area.  I might get long then… maybe. There is never any harm in staying on the sidelines.

Many people trade the SLV so below is that chart with retracement levels clearly marked.

I’ll be back later with an update on the metals and for you Tinka Resources Shareholders, I have almost completed that update as well.