Is Silver About to Begin a Parabolic Rally to $60+ OR Collapse to Possibly As Low As $22?
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Is silver about to begin the parabolic rally over $60? My simple answer is, most likely, not yet. [Here's why]. Words: 324
So writes Avi Gilburt (www.elliottwavetrader.net) in edited excerpts from his original article* on Seeking Alpha entitled Silver: Are We Ready Yet For The Rally To $60+?.
This article is presented by www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) and www.munKNEE.com (Your Key to Making Money!) and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.
Gilburt goes on to say, in part:
The current consolidation is simply just that - a consolidation - before we head to lower levels.
It is my expectation that:
- While it is yet possible that we can see a rally over the next week or two,
- any rally should be capped below the $31.65 level,
- followed by a decline to at least the $28.67 level,
- with potential extensions to the $27.98 and $26.87 regions.
It will be the pattern with which we begin such [a] decline that will tell us at which of the [above] targets silver will find its next level of support. The deeper the decline, the more likely it will be that silver will ultimately be breaking down below the $26 support region.
IF silver drops all the way to the $26.60 region:
- it will likely see a rally from that level but, as long as that rally is corrective in nature, and is capped at the $29.60 region, silver will be heading down one final time. [It] will [then]:
- break down through the $26 support level
- on its way to at least the $25 level,
- with potential extensions down to the $22 region.
For now, [however,] as long as silver maintains below the $31.60 region, it will be heading down much lower.
Conclusion
Any break out over the $31.65 level, which sees strong follow through over $32.65, would be my initial indication that silver has bottomed and we are beginning the rally to over $60 [although] I do not view such a break out at this time as a high probability. Rather, lower levels will likely be seen before the parabolic rally begins but, [that being said,] we have to be prepared in the event that the parabolic rally begins prematurely.
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*http://seekingalpha.com/article/1086771-silver-are-we-ready-yet-for-the-rally-to-60?
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02.01.2013
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Silver (Xag/Usd)
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I) FUNDAMENTAL OUTLOOK — Top 10 Market Movers.
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III) ORDER FLOW BOOK ANALYSIS. (the most important part) – Confirmation for the Technical Levels and Key Levels to watch during News Events.
I don’t know… but i hope it drops to $22. It takes going through 3 tons of ore to extract a single ounce of silver. Try getting someone to drop three tons of ore on your front lawn for $22 or even $35. Yeah, i keep my fingers crossed for the $22 price… it’d be a great time to invest again.
Silver, unlike gold… has lots and lots of uses. There is a demand for it that is not artificially created.
No, silver may not be artificially made, but it is definately manipulated by the stock market. As long as the goverment allows this, it will be suppress forever? There is more silver sold on paper than at the surface. One day someone will hold nothing but paper. Silver for thought, buy the real thing, not paper.