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.
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.
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.
As always, thanks Dan and have a terrific weekend. Today was a nice day for silver for sure.
ReplyDeleteThanks Lisa - same to you!
ReplyDeletehey 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.
ReplyDeleteGreat end of week and month for silver...silver to 50 and beyond!!
Campagnolo;
ReplyDeleteNothing 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"
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