Friday, August 26, 2011

Silver - Daily Chart notes

Silver has thus far held solidly at the intersection of three major chart support levels detailed on the following chart. Horizontal support near $39.50, the 38.2% Fibonacci retracement level of the move from $50 down to $33, and the upsloping trendline created by the price action of ther last 6 weeks. Now the bulls will need to take it through the 50% retracement level once again and keep it ABOVE that level to set it up for another test of overhead resistance near $44.



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2 comments:

  1. The News UNITAugust 26, 2011 at 3:23 PM

    I'm looking forward to the usual Weekly Metals Wrap. As many of us who follow these commodities know, there has been a great interest as to when silver will break the $50 historic price level. Are you ready to give a forecast? Or is the $44 resistance too critical?
    The News UNIT

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  2. AnonymousAugust 27, 2011 at 2:49 PM

    Some charts for you gold bugs.

    MCX India Gold & Silver Charts http://i51.tinypic.com/2hxqc9h.png

    Silver Watchdog On Twitter

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