For silver to stay in a bullish pattern, it was essential to hold a crucial assistance level So, far …
Far … that is what taking location.
Prior to I continue with the technical analysis, I want to restate that I am only showing what professional traders are looking at. Now, they control the price movement of the metals. If you are watching silver’s cost on Kitco.com or other exchanges, then I am just supplying analysis to reveal why it is acting a specific way, due to technical setups.
Thus, do not grumble that technical analysis is worthless in a “Rigged” market if you are going to VIEW the silver cost movement every day or throughout the day. Since what you are watching are silver rate motions based upon Traders utilizing technical analysis. If you believe silver is controlled and must be $50-$100, then stop watching the silver cost ticker … LOL.
Nevertheless, if you are enjoying the Kitco or Investing.com silver rate, then where silver closes today will set an extremely crucial TREND for next month as this is the last trading day in July.
I published this on my SRSrocco Report Twitter Feed this morning:
Silver bounced off a crucial SUPPORT LEVEL and will likely close the last trading day in July on a really positive level.
A close at $245-$25+ today, would be ideal.
This is a 4-hour silver chart from Investing.com. Thus, every candlestick on the chart represents four hours of trading. I can ensure you; there is NO COINCIDENCE that silver bounced off that level 3 times prior to heading greater On July 22 nd, that level was RESISTANCE, as silver didn’t close above it. Nevertheless, when silver shot above that level on July 26 th, it corrected back down to it 3 VARIOUS TIMES.
Furthermore, if silver closes at $245-$25+, it would be ideal for an ongoing bullish move into August.
Why? Due to the fact that it comes down to this one Monthly Candlestick shown in the chart listed below:
That candlestick highlighted in the black circle becomes more BULLISH or POSITIVE for August if the body closes greater. If silver would close at the $245-$25+ level, it would indicate that the BULLS are more in charge of the trend than the BEARS.
I understand it sounds silly, however that is how the marketplace trades. And if traders are controlling the cost … you can FOLLOW it or BELLY-ACHE & WHINE that the marketplaces are rigged till the cows come home. Take your pick. But, if you choose to BELLY-ACHE, then fer pete sakes, stop seeing the Kitco.com cost action throughout the day … LOL.
Later on, I will post an upgrade to see where we stand with the silver price at the close. I will also do an upgrade on the Silver COT Report, most likely in a new SRSrocco Report Youtube video.
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