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Country
1000+ Penny Miser Member
USA
3121 Posts |
 Posted - 11/08/2009 : 13:16:56
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The long-term chart for silver looks chaotic compared to that for gold, not helped by the violent plunge last year which saw it drop from a high near $21 to a mere $8.50 at the low. It has spent this year to date slowly making up the lost ground which has involved it laboriously working its way through the overhanging supply set up by the plunge. The good news is that with the recent break above more concentrated resistance in the $16 area, there is now not that much more resistance to go before it breaks into the clear by advancing above last year's highs, and with gold looking set to continue to make strong gains, a breakout to new highs is probably not very far off.
...silver has gotten bogged down in recent weeks and made no progress - it is because it has run into the price zone where a congestion pattern formed during the first half of last year, and buyers from that time who were seriously rattled by the crash are taking their long awaited chance to "get out even". Once their selling is absorbed - which shouldn't take much longer in a situation of continued gold strength - silver will be free to advance and challenge its highs.
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SILVER - Technical Analysis
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