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TFC Commodity Trading Forum

Re: Silver--nearing breakout *(SLV)* *PIC*
In Response To: Re: Silver--nearing breakout ()

Good afternoon TJC,

Looks like that quick pullback I had hoped for simply wasn't in the cards for Silver, as it has decided to make a clear breakout to the upside today, along with the rest of the precious metals complex. I exited all short positions this morning and commenced moving over to the long side in a variety of markets. One must certainly consider the light trading volume of this U.S. holiday week when measuring the validity of today's action, but I've seen Silver and Gold pull these kinds of stealthy sharp moves too many times in the past to fully doubt them. I suspect alot of folks who have taken the last few days off will be scrambling to reposition come Monday. I think the clincher for me today in switching to the long side is the breakout move in the Euro triggered by the headline news I posted a short while ago...the greenback is obviously reacting/breaking down in the opposite direction...will be an extremely interesting week coming up...as always, lol!