As suspected, silver appears to be falling to the 33.00 level. This level must hold if it wants to avoid breaking below the upward rising channel line and must quickly reverse to the upside. Let's wait and see what happens...
Friday, February 10, 2012
Silver Update: Technical Analysis, revised chart to consider
Is silver going to sell down to 33.00 before having another shot at breaking above 34.40?
Thursday, February 9, 2012
Silver Update: Technical Analysis
The 34.40 level is resistance level and 33.00 is acting as support. Silver has been range bound between these two levels since 26th January 2012. The overall trend is upwards at the moment since hitting the low of 26.00 and some change. Hopefully, the bulls can take silver past the tough resistance to resume it's upward momentum very soon! If it goes below the 33.00 level decisively, we can expect a short term reversal.
Tuesday, February 7, 2012
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