I don't trade Silver, but I'm seriously thinking about it. I saw this video posted from Jim Rogers' blog over the weekend. Perhaps you'll find it interesting: http://bit.ly/H7lME
A really good find - I sort of agree which the points made, that would be the mother of all trends if it came true. I've watched a few of video on the channel which are really interesting, worth checking out the collapse starts now.
After moving higher with gold in the early session silver managed to overcome pressure from a stronger US currency and finished flat for the day. In effect a stronger greenback tends to pressure all dollar denominated commodities by making them more expensive in other currencies thus dampening demand. So considering that silver's performance was quite steady making the bears think twice before rushing in.
The short and long term trends are bullish while medium term trend is sideways.
Support: $15.017 (yesterday's low) Resistance: $15.950 (high of 04/06/09)
Support: $14.760 (low of 09/06/09) Resistance: $15.760 (high of 29/05/09)
Support: $14.620 (low of 28/05/09) Resistance: $15.490 (yesterday's high)
Joined May 2009
Status: I do it MY way!
Silver broke a resistance and is now testing the next one. Price might stall here for a while and could even backtest the previous resistance (now support), but I don't see any reason for price not to rally further.
PS: as nobody seems to be following this forum I'll stop posting here.
I'm posting regular updates on the silver chart on my website, which is and always will be 100% free. Silver charts can be found here (be sure to click on the title of the analysis to see all details).
Is it just me or do you also see on the daily chart for silver a head and shoulders pattern setting up?. It seems as though silver may go as low as $13 and then shoot back up again maybe within 2-3 weeks.
True, the patterns don't always pan out. I guess just looking historically what silver has done in addition to the pattern is what made me think that. But I guess the proof will be in the pudding once we see what it actually does.