Man what a juicy setup. We’ve quickly moved lower to kiss the 50-day MA on Silver. You didn’t think this would be easy, did you?
Also, another look using monthly pivots…..
Meanwhile, the dollar is just resting here at $73’ish. Looks like a dead cat consolidation rather than a bounce.
Believe me, I am wondering if we ever go back up too. Metals are getting hammered. HOWEVER, this shakeout will leave most behind as they have panicked to get out. Just as it looks like death is upon us, a reversal of historic proportions could/should take place.
Dollar’s not done and the momentum trade will be in the direction least expected…..UP.
Stay alert, be prepared and trade the extremes!