Silver and Gold Buy Now!

March 18, 2009 - Email Alert Sent 12:36 PM New York Time

          Silver and Gold reached the support targets of $12.25 and $885 which I mentioned last week they were testing. Gold did not breach that level, but silver dropped as low as $12.10 before rebounding off those lows. It is too early to know if this level of support will hold, but I believe it will since they are near the lower line of the channel that has been trending upwards since November. The close today and the next two days of trading will tell us whether or not today was the the true bottom of this correction.

          I completed all my purchases today with silver at $12.23 and gold at $890 after they bounced off the lows. I have now reinvested all of the cash from the sales on February 24. Since I sold at $14.23 and repurchased between 12.87 and $12.23, this trade has worked out well so far. It is possible there is more downside in this correction, so maintain trading discipline if you are using leverage. Next strong levels of support are silver $11.75 and gold $860. I will likely post a new article on my website this weekend after I see how the metals end this week and get updated COT data. Best wishes on your future and investing.

Best wishes on your investing and future and God Bless,

Timothy Silvers

 

Disclaimer: This article represents the opinions and personal views of Timothy Silvers and is not intended to be investment advice. If you choose to use this analysis for your personal trading, Timothy Silvers assumes no liability for the direct or indirect losses you may incur due to using this article to make your investment decisions. You are totally and completely responsible for your own investments. At any given time, Timothy Silvers or his friends and relatives may have positions in silver related investments that may or may not follow the recommendations contained in this article. The information in this article may not be completely correct and accurate. Even though Timothy Silvers has done his best to review the content and accuracy of this article, he is in no way liable or responsible for any mistakes or omissions.