Some good points from last nights action in silver:
1. Rally even though the USD held up, this suggests that the buying was genuine rather than just FX(this seems to confirm the COT report where the BB's closed considerably more shorts than longs substantially reducing Open Interest 2. The daily candle was engulfing tending to suggest a major change 3. The gold/silver ratio sharply lower 4. Gold fell within a dollar of EW level of 1935
If early today was not the bottom, then we are close in time and value. All the best for next week.
IVR Price at posting:
5.0¢ Sentiment: Buy Disclosure: Held
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