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Silver Update

Posted by StockBuz on June 12, 2011 at 3:18pm
It is my belief that the fall in silver is not over yet. As this weekly chart reveals, it bounced off the 50% retracement level and has now formed a flag or triangle; which is normally a bearish continuation pattern. A breakdown from flag support would project a price near the dotted line; between the 61.8% retracement and just shy of the 78.6% level. Now I am fully aware of the supply/short demand stories flowing through the web however even *if* that is the case, who is to say it won't head lower and shake out weak hands before basing and heading up once again? It should also be noted that miners weakened two weeks b4 prices peaked; a negative divergence [their charts to be uploaded as well]. If silver does break support, investors could get long ZSL or short one of the silver ETFs but prices should move quickly to the bottom; be prepared. Now [imo] gold is an entirely different ballgame as I believe it is catching more of a safety/gold standard/safe haven bid. See that chart next....and good luck.

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Tags: commodities, si_f, silver
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