Sunday, July 5, 2015

How Low Will $SILVER Go?

I'm not enouraged by recent price action in silver. 

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(Updated chart)

On March 11, silver closed (down) at $15.46, and it had a low for the day at $15.26. If those are violated, silver could go lower still. If that happens, we'll look for support around $13 and potentially support under $10 to come into play.

But what could drive silver that much lower? Greece? It's a tempest in a tzatziki bowl. A collapse of the Chinese stock market, maybe, as traders and investors sell what they can because the value of their shares have gone up in smoke?

Certainly global supply and demand support HIGHER prices for silver. And I put MACD on the bottom of the chart. It seems to be positively diverging from recent price action. Again, that would point to higher prices.

Still, we need to know worst-case scenarios. So now you know.

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