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Morning Silver Review for February 10, 2004

By: Nell Sloane, NSFutures


-- Posted 10 February, 2004 | | Source: SilverSeek.com

METALS: OVERNIGHT CHANGE to 04:10 AM:GLD+2.30, SLV+2.70, PLAT+1.80 London A.M. Gold Fix $408.35 +$1.65 LME COPPER STOCKS 336,325 -4,975 tons COMEX Gold stocks 3.367 ml -386 oz Comex Silver stocks 124.2 ml -71,434 oz

OVERNIGHT ACTION: Asian buyers showed interest in gold as $ fell again overnight.

SILVER: The silver comes into the session today right on an upside breakout point on the charts and surprisingly hanging up near the recent high. In the past, the silver hasn't been able to return to a spike high so fast and that is indicative of stubborn long interest. However, the funds have a strong interest in silver and that seems to leave the near term bias pointing up right alongside gold. We continue to scan the wires for news on silver but it would appear that the main driving force is investment and fund speculation. Exchange stocks remain comfortably high and show no signs of changing and with idled copper production restarting, we assume that silver will see production rise off by-product flow. However, in the near term the bulls have interest in silver and that is fostering a bullish tilt. Critical resistance comes in at $652.7, while a failure would be seen with a trade back below $641.

METALS TECHNICAL OUTLOOK 2/10/04

SILVER (MAR): With the close higher than the pivot swing number, the market is in a slightly bullish posture. Initial support for silver is at 636.3 and below there at 625.2 with resistance likely at 642.8 and 652.3. The market's close above the 9-day moving average suggests the short-term trend remains positive. Positive momentum studies in the neutral zone will tend to reinforce higher price action. The next upside target is 642.8.


-- Posted 10 February, 2004 | |

Last Three Articles by Nell Sloane, NSFutures


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