Daily chart of Silver since late Nov 2011 on the 'Think or Swim' platform at 8:45am PST on Jan 10th.
On a positive note, Silver has made it's way over the 20 day moving average. It's on a uptrend since hitting a low of 26.145 on December 29th, 2011. The momentum indicators suggest at least a short term rally from here. The next resistance will be at the 50 day moving average which is close to the fibonacci 23.6 retracement level of $31.81.
Hedge funds and bullion swing traders may be accumulating positions for this trend up. Gold is currently trading up $27 at $1635 an ounce.
Hedge funds and bullion swing traders may be accumulating positions for this trend up. Gold is currently trading up $27 at $1635 an ounce.
That is so true. As an author and business man, I can relate to how you said "The momentum indicators suggest at least a short term rally from here. The next resistance will be at the 50 day moving average which is close to the fibonacci 23.6 retracement level of $31.81". I hope more people discover your blog because you really know what you're talking about. Can't wait to read more from you!
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