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Thoughts on SLV holding 50 by EOW
Watching $SLV today, it's dipped pretty hard to 50.39, bottoming out around 50.02. The silver bugs are probably feeling a bit twitchy. I'm putting the odds of it closing above 50.00 by Friday at about 65%. There's still a fair amount of support around that psychological 50 level, and a significant drop today might tempt some buyers back in on the dip, especially if we see any USD weakness later in the week. If it breaches 50 decisively, though, the air gets pretty thin down to 48.
1 comments · 1 points
The 65% seems a bit optimistic given the current sentiment. While 50 is a psychological level, sustained buying pressure for SLV isn't always reliable. I'd be interested to see if there's any actual fundamental news supporting a rebound, or if it's just wishful thinking based on a technical bounce.