evening wrap October 29 (missing silver profile)

market vibes

For some reason the silver profile was deleted from the original evening wrap so I am sending it on for those reader with positions in silver. So sorry! I usually just let mistakes slide but this is a profile that illustrates important resistance above $49.00.

Here is the entire analysis of todays activity in silver.

…..Earlier this morning silver traded back towards the void above $49.22 noted on this bar chart. When Powell said a cut in December is not a forgone conclusion …bargain hunters looking for another dovish FOMC dumped their longs.

This is a 10-session compression profile illustrating resistance approaching the void noted in the chart above and the short-term point of control at $48.07ish. Now that a reaction rally has been rejected, this void above $49 becomes a benchmark for silver to overcome as time and development continues.

Have a great night!

JJ