Last week, we gave our simple-case for caution toward short-term silver prices (backing up our previous argument). Some commented that the presentation was, indeed, simplistic, and if it is true, “there must be” a more complete argument to be found. And by “more complete,” you meant “more technical.” Well, sure!
One thing that we know all too well about technicals is that if you give two technicians the same chart, there’s a good chance they’ll see different things in it. So today, we offer another technician’s look at both silver and gold charts, and what he sees in them. Warning for bulls: It’s not good. Yes, there is even a bull case you could make from these charts. But, as with any prognostications, the market always gets the last word – and no one is ever right all the time.