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« SILVER: Hard going, but don’t sell | Main | Eagle Plains Resources Limited: Up 9.26% in 1 day »

SILVER: Where Next?

Silver has hit $15, dropped back to$9, bounced to £13 and dropped back to $12. So, where is this roller coaster going to next?

From the chart below we can glean and number of things about this precious metal.

Firstly, silver is volatile and not for the faint hearted. Those investors who are hyper active and like to trade silver as often as possible must be making good profits or taking a caning at the moment. From where we stand this is normal for a bull market, the bears will fight it all the way up. Having invested in a small selection of stocks that are performing reasonably well, we must now be tough and hold on to what we have. We don’t see a dramatic sell sign here just the expected oscillations from silver as it try’s to wriggle free. This chart is almost in neutral territory for us, the RSI is middling, the stockastics are heading down and the MACD is almost flat. No, we just can’t get too excited about it and would see it going sideways rather than all the way down to the 200 day moving average.

However, we have been wrong before so if we get a serious dip, then we shall treat it as a wonderful buying opportunity occurring just before a major rally, which in our opinion will leave these prices in the dust.

As always don’t go too mad with your money, the market is always there.

10 September 2006

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Reader Comments (1)

I personally think silver will go down to 10.50 this week or next week. I hope I'm wrong but it is clear that silver is much weaker than gold at this moment. 10.50 is an important level as this is just within the longer term uptrend and at the same time last July's bottom.

September 12, 2006 | Unregistered CommenterJoey

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