Silver Market Update - SilverSeek.com

- CLICK HERE TO VISIT THE NEW SILVERSEEK.COM -

Live Spot Silver

Navigation

Silver Market Update

By: Clive Maund

-- Posted 8 November, 2006 | | Source: SilverSeek.com

Silver has broken out of its large triangular consolidation to commence a new uptrend that should take it comfortably to new highs. The breakout is very obvious on weekly charts, which were included in the THIS IS IT article at the weekend. On the 1-year daily chart we can see this clear breakout and how the triangular consolidation, which, as is customary, brought the price back to the vicinity of the 200-day moving average, has completely unwound the overbought condition that had earlier existed. With the MACD indicator having risen up through the zero line, we are now in position for the advance to really get underway. It is worth noting here that although silver has broken out of the triangle, there is considerable resistance in this general area, so progress may at first be hesitant and punctuated by reactions, such as that occurring today. The minimum target for the advance is the $18 - $19 area.

Silver is viewed as being stronger than gold. This is because its triangle is more upwardly skewed, and because its 50-day moving average did not drop back below its 200-day, as was the case with gold – a sign that silver is stronger.

In the unlikely event that the pattern aborts and silver breaks down, the point at which a general sell signal would be generated would be a break below the apex or nose of the triangle, i.e. a break below $11.30 - $11.50

-- Posted 8 November, 2006 | |

Web-Site: www.clivemaund.com
Contact Clive Maund - clive.maund@t-online.de

Last Three Articles by Clive Maund

Silver Market Update
5 December, 2011

Silver Market Update
20 November, 2011

Silver Market Update
7 November, 2011

Clive Maund - Archive List

SilverSeek.com is presented to you by:

The content on this site is protected by U.S. and international copyright laws and is the property of SilverSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on SilverSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Disclaimer

The views contained here may not represent the views of SilverSeek.com, its affiliates or advertisers. SilverSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of SilverSeek.com, is strictly prohibited. In no event shall SilverSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.