All indications suggest that silver should now be refreshed for a sustainable physically-driven catch-up rally into the thirties, at least...
Samuel Briggs via Kinesis
Samuel Briggs via Kinesis Money
Andrew Maguire reports insiders' pushback against Reddit silver traders defended by an unknown market entity:
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Watch out COMEX Wall Street Silver are coming: 1:33?EURAs a flood of Reddit-driven trade rallied silver last week, according to Andrew Maguire, market making insiders stepped in to aggressively defend their positions. However, reviewing the charts, the precious metals expert reports that the insiders' orchestrated pushback was met with significant resistance.Initial pushbackOn Monday, 1st February, Andrew Magure reports the largely paper-driven Reddit gap was swallowed swiftly up by the officially orchestrated Banking of International Settlements-driven gap close.Andrew Maguire attributes the gap close to a substantial, coordinated 10% and 18% increase in house gold and silver margins, respectively. However, according to the precious metals expert, the insiders' orchestrated spec clean-out was not entirely successful.
Who was backing Thursday's silver spike?
In Andrew Maguire's opinion, the silver footprints suggest an unknown entity came in very large on Thursday. The precious metals expert believes an unidentified market player front ran the first Reddit-driven spike, before defending this long position into the orchestrated rinse attempt.Despite market insiders best efforts, the gap left was never closed. Upon inspecting the charts, the long-time wholesaler believes somebody must have defended that position. The precious metals expert believes that this level will not be breached as this anonymous 'whale' is defending it with significant resources.Crucial silver level maintainedAndrew Maguire has stated that the crucial silver level that needs to be held was the important 26.225 Fibonacci retracement level. In spite of a significant attempt to knock silver back, the level remains intact.The precious metals expert believes all indications suggest that silver should now be refreshed for a sustainable physically-driven catch-up rally into the thirties, at least.Next Episode: Andrew Maguire carries out another detailed round-up of the gold and silver markets.
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The opinions expressed in this publication are those of Andrew Maguire and do not purport to reflect the official policy or position of Kinesis.This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.