So far, so good. The storm has either passed or we are simply in the eye. I guess we'll know if a few days.
For now, you might go back and re-read this:
In silver, we can finally feel like we're making progress, maybe not so much in price but certainly from a technical perspective. All the panic liquidations seem to be over and we now have clear levels to watch for support and buying/selling points. Here's a 30-minute chart to help for today:
As a bonus, there's a silver chart in there from before the meltdown. Ah...the good old days.
Anyway, as discussed in that note, the only tools the Fed has left in their "controlled demolition" of the dollar are talk and fear. They tried "talk" a few weeks ago but the "calvin" didn't hold. This time they're trying fear: "OOhhh, dat spooky EU gonna bweak up. Bettuh buy da dollah. Safe haven, ya know".
This latest "calvin" has once again spiked the POSX back up to its primary trendline. Where it goes from here is the real question. History would suggest that the next move is straight back down but, given all of the unusual and desperate craziness of the past week, it's impossible to say for sure.
The damage to the chart is real though and it will take some time to fix. If you're long, you need the area around $98 to continue to hold as it has become rather critical support.
OK, let's go get em.
I have lasts of 1502 and 36.83. Good luck today. TF