March 15th Silver

Our hearts go out to Japan and hope they have a quick recovery from the earthquake, tsunami and now nuclear plant issues.

Below is a link to the Google page for donations to Japan:

Google Donation Page

World Silver Index from late January with a fibonacci from the Jan 28th low of 26.30 to the high made on March 7th of 36.75.

A pullback was eminent even without the issues in Japan as the Silver run-up was $10 within 5 weeks!

Silver has dropped below the 15 day moving average and the next level of support may be the 61.8 fibonacci level which comes in around the $32.75.   A 50% drop of the current rally is at $31.50 with the 50 day moving average at $30.86.

The MACD Histogram has dropped below the midpoint and the Stochastics K line in decline.

For some, this pullback may present an opportunity to accumulate more Silver and Gold.