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Weekly Technical Analysis for Silver:
We dint update last week,but as stated in the daily updates silver reached the target zone at 31.66-31.88.Silver is at a critical medium term juncture a breach of the aforementioned zone would target the higher zone at 32.65-33.15-33.76.While a break of the 28.30 would signal the resumption of the bear trend. Looking at the charts we see silver arriving at a very important downtrend line(connecting three important highs at 49.79,44.17,37.50) any strong weekly close above this line would change the medium term outlook to neutral or neutral/bullish.The media reported freshly grown optimism among the gold investors with the gold bugs screaming "" $2000 ""ahead,this optimism would likely be challenged(with falling prices) within a few weeks ahead.Lets stay close to the market a slightest sign of the fading optimism would be reported immediately.
Happy Trading.
We dint update last week,but as stated in the daily updates silver reached the target zone at 31.66-31.88.Silver is at a critical medium term juncture a breach of the aforementioned zone would target the higher zone at 32.65-33.15-33.76.While a break of the 28.30 would signal the resumption of the bear trend. Looking at the charts we see silver arriving at a very important downtrend line(connecting three important highs at 49.79,44.17,37.50) any strong weekly close above this line would change the medium term outlook to neutral or neutral/bullish.The media reported freshly grown optimism among the gold investors with the gold bugs screaming "" $2000 ""ahead,this optimism would likely be challenged(with falling prices) within a few weeks ahead.Lets stay close to the market a slightest sign of the fading optimism would be reported immediately.
Happy Trading.
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