Is Silver About To Explode or Implode?

After reading South American Silver Plummets As Bolivia Announces It Will Nationalize One Of World's Largest Silver Deposits from Zero Hedge I decided I better follow up on my April 24th Silver post where I recommended you stay away from silver (then at $31) till upper green resistance was busted and had a backtest.

Let's get to it since it almost nut cuttin time -

/SI Monthly - These charts change very slowly, but offer a wealth of information on direction and long term support, resistance and trends. Here you can clearly see long term resistance (pink) and long term support (yellow) with some major s/r points sprinkled in. You can also see the green channel down from the $49 top that has dominated price since the reversal.

Shanky's AUD/JPY Update

Well on 06/01/12 in the Shanky Does the AUD/JPY post, I left you with this chart and this description -

"And there you have it - extreme LT support. Can they hold it here or does the inevitable happen. This is their breaking point and must be defended here.

Shanky does the AUD/JPY

Long term - Super blue wedge and yellow channel - pay close attention to these diagonals in the next few charts.