Gold & Silver Price Update April 2017
By Indigo Precious Metals
As we clearly stated on the 18th April through our emails and on IPM chat groups, the Gold and Silver prices looked as if they had topped out and was about to move lower, especially in silver with the help of our friendly bankers - explained in full on the 18th April in a client report update entitled "Silver A Look Under The Hood"
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Note : Indigo updates our private clients on important turning points and with regular market updates, we have a very experienced management team of long-standing professional trading background, are sole purpose is not to advise clients on how to trade the markets but more importantly levels to buy into and buying levels to avoid within the greater and ultimately dynamic bull market in precious metals to come over the immediate 3 year horizon. if you wish to join us, please contact us direct to leave your email for direct updates.
Gold was up + 14.4% in US$ terms since our last Indigo buy recommendation of late December 2016 into 18th April, Silver was up + 17.8% into 18th April in just 4 months. They are taking a well-deserved short term rest.
Our initial support points came in at US$ 1,254 and Silver US$ 17.90, Silver traded down to US$ 17.90 last night (20th April) in the late hours and bounced of our first initial support point.
Silver : if we close below US$ 17.90 then we have an immediate target of US$ 17.33 and below that US$ 16.80. If the bankers manage to drive the price below US$16.80 then we have an immediate target of US$ 15.80 - But remember this will be a complete clear out of the market and the bankers will be accumulating (buying back) their truly gigantic shorts and this will be an enormously spectacular buying opportunity.
Note : We are not saying we are going down there, but you should understand what the immediate price risks are when you have the bankers backed into a corner in a terrible position of crazy enormous shorts that they need to buy back on.
Gold : Our main support areas moving forward is initially the 200 day moving average of US$ 1,255.10 and a fibonacci retracement of US$ 1,254.72 . Below here we have a trend line that comes in approximately at US$ 1,230 and we have another fib level of US$ 1,229.52 , (200 week ma is US$ 1,236) below there US$ 1,209.16 then important support at US$ 1,196.
A key reversal week would be a close below US$ 1,247, monthly reversal is below US$ 1,195.
Note : Again all we are doing is giving you clear support buy areas on sell offs to buy into. The overall larger trend turned back up in December 2015.
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