Silver Update: Feb 17 2012 [2hr chart]

Silver finally broke out of the trading range [34.40 on the top and 33.00 on the bottom] to the downside and touched the 32.65 before quickly reversing and rising higher. Was this failed move a shake out? 

The 33.00 support level stopped silver from dropping down further once again. Did we avoid an episode of brutal sell-off, or is this still to come? We have to wait and see...

Silver Update: Feb14 2012

Silver still consolidating sideways between 34.40 on the top and 33.00 on the bottom. If it drops below 33.00, I'd be looking to buy at the 31.20 level where it meets the 200DMA which also coincides with the support level drawn. If it breaks through the 34.40 level, I''ll be expecting an upside target of 35.50 level.