Looks like the $1,240 came into play after all, ... we called it here late last week, ... Message 29556674 ... a break above the $1,250 would be the gateway to the pivot at $1,278+, ... I would expect a 3/4 retracement of that bar in any case, ... which would put it into the low to mid $1,280 range.
So now we watch for a break below the $1,238/40 which would take it on down to the daily $1,231, ... and further violation opens the $1,217. The actual number at the $1,240 was $1,240.90 and I see the low came in at $1,240.80 so that is a violation, we give it a few days and hope it can move back above the $1,250, ... then the $1,260 and preferably to the large pivot that's still open at the $1.278, which ever comes first, ... but we are overdue to fill the pivot.
Once we move away from this mid $1,240/50 area, which is said to be the average cost to extract the metals and producing it into a marketable product, things get a little more concerning to the companies that are struggling to maintain a profit.
Yes, ... we do live in interesting times. |
