Silver Prices: Retail Traders May be Losing Battle

February 2, 2021

silver coin

Silver is under attack, and prices are back below the $27.00 level. Yesterday’s gap higher was closed, and prices are backtesting the intermediate trendline. What happens next is crucial!

  • A close below $26.00 would establish a false breakout and bearish reversal (favorite trick of manipulators). In this scenario, silver could collapse back towards $22.00, possibly lower. 
  • To reverse today’s institutional attack, retail traders need to push futures back above $29.00 before Friday

GAMESTOP CHART (GME)

GameStop is down over 60% and decisively below the $100 level. 

AMC ENTERTAINMENT (AMC)

Prices are down over 50% and could reach support near $5.00 as soon as today. 

On a positive note, bellwether Newmont Mining is diverging bullishly. 

NEM

Newmont is rallying despite sharply lower gold and silver prices. A close above last Friday’s high ($61.50) would be bullish and support higher metal prices next week. 

Note: The buying of physical precious metals is exploding and could have a bullish lag of one to two weeks.

How metals and miners respond after Friday’s employment report key. 

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AG Thorson

AG is an accredited CMT through the MTA and the editor of GoldPredict.com. His members receive daily updates and regularly scheduled reports 3-days a week. He prides himself on making his analysis easy to understand through the use of adaptive and creative charting methods. You can reach AG at info@GoldPredict.com.

1 cubic foot of silver weighs approx 655 pounds whereas 1 cubic foot of gold weighs more than half a ton.

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