First, I want to ask everyone to pray for the people in Japan. For those of you who dont know, there was a massive 8.9 earthquake off the coast of Japan which brought a massive tsunami to the east coast. I have family in Japan and they are safe, however many lives will be lost and extreme damage to their land and infrastructure.
Now unto silver. We saw silver today break the support line of $34.40 for a brief moment.
The black line shows the $34.40 support line and you can see how it dipped below it just for a moment. The top red line shows the top of the channel we are in, and the middle line shows the channel that silver was in for some time. Now that silver has retreated to lower levels, the bottom line is now the bottom of the channel. Im going to guess that the price will now bounce between the middle line and the bottom line. If we silver dip below the bottom (red) channel, it will signal a downward trend once again. Like I said in my last post, buy some silver today if possible. This is considered a dip, and as an investor, you want to buy on the dips.
Have a good day everyone.
***A few minutes after my post, we saw silver do what I said.
This is the same chart from above, just enlarged. See how the price took off from the bottom line and is now kissing the middle line. If the price breaks the middle line, we will see it trade between the top and middle.
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