Silver and Gold are both on the move today with speculators accumulating positions. Bullion banks may be taking long positions? With momentum in the PM markets, hedge funds will push them higher looking for quick profits.
A daily chart of the World Silver Index with a fibonacci retracement from the low in Aug 2010 to the 49 peak in April 2011. Silver closed above the upper bollinger band and is heading up to the 61.8 fib level. It may have a pullback for a day or two but the next resistence point looks like the $37.50 area.
The mining stocks are rallying with the PM prices but many are still lagging based on year to date returns. Expect a solid rally into the 4th quarter based on good earnings reports.
The mining stocks are rallying with the PM prices but many are still lagging based on year to date returns. Expect a solid rally into the 4th quarter based on good earnings reports.
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