A sober look at the precious metals "bloodbath"

Yes, this was a bloodbath.
Yes, I am underwater for my precious metals positions last week.
Yes, I survived what was the biggest weakly decline ever in gold (so I read).

So time to think positively. Silver has simply dropped into another "box" as marked on this monthly chart:


Of course I didn't have the patience to only trade monthly zones, so I already picked up some bad positions on the way down at weekly levels:


So this is more or less what I expect: the 22.50 will hold for now and we will see a retracement up to 25.00 or 26.25 from where it can break down again to (hopefully) 20.00$. That wash-out should be enough to make silver again attractive for big investors.

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