Sunday, April 24, 2011

Silver Climbs to $47.98 Sunday April 24th

In Sunday evening trading, Silver reached 47.90 and still looks bullish.  When the NYSE opens on Monday the 25th, SLV, PSLV, SIVR, AGQ should see a gap up with the increase with the spot price from the closing last Thursday.

Just after I updated the blog, Silver increased to $47.98, so it's moving fairly quickly.  Will Silver reach $50 before a potential pullback?  How deep will the pullback be?  How long?  Will it be shallow?  These are all questions that many Silver traders and investors would like to know...   Keep an eye on the charts and we'll try to use a bit of technical analysis to try to answer these questions...

There is high volume with the double short Silver ZSL. Some traders are anticpating a pullback and it looks like they are continuing to pile into ZSL.  (Silver RSI is extremely overbought) The higher the Silver price goes, the more 'pain' they will endure. Who said 'The market can remain irrational longer than you can remain solvent' ?

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