Some Interesting Observations About Silver's Breakout Attempt on Friday
On Friday, silver made an attempt to break above the critical $32.50 resistance level but was violently slammed back down, suggesting potential market manipulation.
I wanted to share some intriguing observations regarding silver’s attempt to break above the crucial $32.50 resistance level on Friday. I've been discussing the significance of the $32.50 level for months on both Twitter and Substack. Simply put, the $32.50 resistance level was established in May when silver peaked and then pulled back during the summer. I believe that once silver decisively breaks above $32.50, it could quickly surge to $50. Silver has made multiple attempts to close above the $32.50 level, but each time it's sharply pushed back down, which I believe is due to efforts by bullion banks such as JPMorgan and UBS aiming to suppress its price.
On Friday, both silver and gold surged shortly after the release of a stronger-than-expected U.S. jobs report, which revealed 254,000 jobs added in September. Ordinarily, precious metals fall in response to strong economic data because it decreases the likelihood of aggressive interest rate cuts, which is why this surge was unusual. Typically, precious metals decline in response to strong economic data, as it reduces the chances of aggressive interest rate cuts. This made the surge particularly unusual. I interpreted this surge in precious metals as a sign of skepticism toward the report's accuracy, given the tendency for downward revisions later on and the political motivation to present a stronger economy ahead of the U.S. presidential election in November.