Is it time to start buying silver again? $SLV $GLD for FX:XAGUSD by mortdiggiddy

Is it time to start buying silver again? $SLV $GLD

Metals seem to holding recent support levels despite equities crashing from extreme overbought levels. If buyers choose to get back in here, the next target would be at the old JAN 2011 High level around 31.00.

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The theory is we are currently stuck inside the big support and resistance levels of JAN 2011. We had a similar consolidation and it is possible that we can rise again to the 31.00 mark, and then proceed in the breakout.

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EURUSD continues to hold major support on the 2008 trendline. We are striking CAM Month S4 and holding. I like the current H4 hammer that is forming.

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I remain bearish on the US Dollar as long as this level is held.

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For silver to go higher, we need to be repeating 2009 or 2010 which is a good possibility.

The 10YR seasonal profile was violated for the later half of August, and we did not reach a peak in bonds and metals with stocks during the first week of September.

Metals are holding against the stock selloff that should have knocked them down MUCH lower. That is telling.

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Bonds, which can heavily affect metals prices, are forming what looks like an inverse head and shoulders right on some major support levels.

mortdiggiddy

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