Tuesday, 5 August 2014

Silver Smashed Below US$20!

After consolidating and holding support throughout the overnight Asian and London sessions, gold & silver have once again been treated to a waterfall decline on today’s COMEX open, with silver breaking below substantial support at $20, and gold plunging towards $1280. *Update: While gold has bounced off support at $1280, recovering all of it’s losses at one point, silver has not been allowed to recover from the COMEX open smash, and is again plunging into the access market close with a last of $19.70!

After initially popping back above $20, silver futures were relentlessly dumped throughout the duration of the day, with a last of $19.70 going into the access market close:

Gold was smashed along with towards $1280 on the open, but spiked to recover all of its early losses, and is now consolidating around $1288:

If silver fails to recover and close above the $20 level today, a re-test of the $18.50-$19 bottom/support becomes likely, co-incidentally setting up to coincide with the end of the London silver fix on August 14th.

Get ready to back up the truck!

Original post thanks to Silverdoctors.com

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