Silver snaps to the downside

Both Silver and Gold snapped moderately lower in the morning, yet it was a somewhat turbulent days trading. A morning ramp...but that also failed, and then weakness into the close. The daily cycle is set to turn negative late Friday/early Monday.


SLV'60min

SLV'daily

Summary

Just a brief update..

..it was pleasing to see SLV snap lower at the open, but it sure wasn't easy seeing the ramp take SLV right back to the upper wedge line.

The close was somewhat bearish.

Next soft downside target is SLV 29.75..although we could slip much lower to 28.50 next week.

I remain short SLV, but looking to flip to long within the next 3-7 days..and then hold long into the late spring..with a target of 38/40.