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TFC Commodity Trading Forum

Re: Gold Backing Off again/Silver/rabbit *PIC*

I've always found Silver doesn't respect a lot of short term patterns and likes to trash them as it has high volatility. Even retracements where Gold respects the Fib numbers especially Fib 61.8% you'll see Silver will retrace far more than with major corrections all the way down to over 70% area. So with the present price chart all I am sure of is $39 is significant support and that's about all I can count on for sure. I see the RSI 21 is still holding above the 50 line since early July and price is still riding the one year uptrendline too. I wouldn't short this with someone elses money myself at this point. Price action has been sideways to up since the mid May selloff low. The Silver to Gold Ratio chart is stuck on about 44 with little change there. A clean break below 38 that holds would see price come back to next support at 33.50. That would be a Fib 70.7% retracement since the Jan low. That would be more typical of a retracement point "IF" Silver breaks below 38. Silver is about the only market that tends to respect this Fib 70.7% number that I've noticed.