Nothing like a $2 reversal in silver to chase the trolls away...
Really impressive day today. Our predefined support levels held in the panic of the post-earthquake selloff. Both PMs then stormed higher on...ahem...headlines dismissing the notion that QE3 was being put on hold.
Let's start with silver. That it bounced off of $34 was just what the doctor ordered. Then, the way it charged back through $35.50 was HUGE. It then ran into some light resistance at $36. There's a big surprise, huh? Either way, the chart has been cleaned up nicely and silver now looks poised to move higher early next week. Let's see what happens at 36.75. You can bet your booty that The Cartel would LOVE to paint a double top onto the chart. Alas, that's a topic for another day (probably Tuesday). For now, just bask in the glory of this chart. Let its radiance fill you with glad tidings all weekend.
I'm glad that everyone has survived this crazy week of wars and earthquakes. Not sure what plagues, famines and locusts will do to PM trading next week but I guess we'll find out...