*Update: Silver has now retraced nearly the entire waterfall decline, as it has traded back to $34!
After consolidating over $34 throughout the morning COMEX session, the cartel has just initiated another waterfall decline in silver, as the metal was just sent from $34.05 to $33.44 in seconds.
Stack the Smack!!
As during Sunday night’s Asian session, $33.50 continues to hold as silver refuses to break down under the cartel’s relentless attacks. Watch the $33.50-$33.60 level as it will be important for silver to continue to find support in this zone.
*Update: It appears $33.50 has held for now as silver has bounced back to $34. Look for another desperation attempt by the cartel during today’s access market session after the COMEX pit close.
We expect silver either to break down as the longs throw in the towel- and silver to move down to $32-$32.50, or the cartel to throw in the towel and retreat to higher ground. The party that refuses to flinch will likely be victorious in this crucial battle.