"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput

Trader Dan's Work is NOW AVAILABLE AT WWW.TRADERDAN.NET



Friday, August 31, 2012

Silver Breaks its Downtrend

For nearly the last year and a half, silver has been in a sustained downtrend in price although it has managed to find a floor of support near the $26 level. This week it has finally broken that downtrend. If this metal is going to begin a sustained rally, any setback in price should find buying emerge near the downsloping blue line shown on the chart. Failure to hold this level and particularly now the $30 level, will see the metal fall back into that triangle formation with support then coming in down closer to $28.

Note that the metal is now trading above the 50 week moving average while both shorter term moving averages are now moving higher. The trend is up.


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5 comments:

  1. UnknownAugust 31, 2012 at 2:03 PM

    As always, thanks Dan and have a terrific weekend. Today was a nice day for silver for sure.

    ReplyDelete
  2. Trader DanAugust 31, 2012 at 2:15 PM

    Thanks Lisa - same to you!

    ReplyDelete
  3. campagnoloAugust 31, 2012 at 4:56 PM

    hey Dan, many dudes come here to ask you this and that, sometimes with no answer....but now because a lady came to congratulated you...your replay in no more than 10 minutes.

    Great end of week and month for silver...silver to 50 and beyond!!

    ReplyDelete
  4. Trader DanAugust 31, 2012 at 7:45 PM

    Campagnolo;

    Nothing personal but she is probably a helluva lot prettier than you! :o)

    Sometimes I am sitting right here at the computer and actually have a few free minutes that I can fire off a comment. Most of the time I do not.

    Have a nice weekend and by the way, so that you do not feel left out, "Thanks"

    ReplyDelete
  5. campagnoloSeptember 1, 2012 at 8:37 AM

    I understand Dan, keep doing your great work, there is a lot of insight in your analysis. There are many of us feeling thankful toward your willingness to share your ideas/opinions. Thank you Dan. Respect.

    ReplyDelete

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