Silver lower, but holding soft rising support

The metals opened moderately higher, but snapped lower in the late morning. However, both Gold and Silver held steady across the afternoon, on what appears to be rising support. Near term trend is very choppy, but the hourly cycle suggest upside across Thursday/Friday.


SLV, 60min

SLV, daily2

Summary

The open this morning was a bit of a mess. The moves were minor..but with no significant gap higher..the metals slipped..and then broke what was a pretty clear bull flag.

Despite todays morning snap lower, the MACD (blue bar histogram) on the hourly charts looks pretty much floored. There is no confirmed bullish cross..yet, but there is more likelihood of a gap higher at the Thursday open..than one lower.

The price action on the daily charts shows what is now a three week choppy mess, and yes..it could be one giant bear flag. The one bullish aspect is that prices are seemingly at least able to hold the floor of SLV 27.35.

Lets be clear though, if SLV breaks the floor, and slips into the 26s, then the bears will become rampant..and a collapse wave to 20, or even the high teens is VERY viable.

So, I am near term bullish...but mid term...bearish.

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*I am long SLV, and seeking an exit in the low 29s by the Friday close.