- Norcini – Silver Now Very Close To A Major Short Squeeze!
On the heels of some wild trading in gold and silver, today acclaimed trader Dan Norcini told King World News that the silver market is now approaching key levels which will set off major short covering if breached. Norcini also provided two key charts. Here is what the acclaimed trader had to say: “If silver decisively breaks $32.50 we will see momentum-based buying come into the market. This is what is necessary to fuel a sharp uptrend in silver of the type of nature that we’ve seen in palladium and platinum. A break of $32.50 on silver would also signal a shift in sentiment regarding inflation.”
“We will see the first round of short covering in silver when it breaks $32.50. There are a number of speculative shorts in that market. These shorts are weak hands and on a break of $32.50 they will capitulate. This short covering should move silver $2 higher very quickly. What this means is that if $32.50 gives way on silver, you would see a rush to $34.50 because of the tremendous amount of pent up buying that would come in from the sidelines….