In no time at all silver prices moved from $13.50 to $14.50 it what has been an exciting week so far. So just where does silver go from here?

Taking a quick look at the chart we can see two things that really standout. The first is the moving averages, which show the 50mda heading north and set to cross the 200dma in what is sometimes referred to as the golden cross. This is usually seen as very positive for chartists as it indicates further upward movement for the asset. On the other hand the technical indicators are still on the high side, which suggest that silver may just take a breather for now.

However we are in bull market for precious metals with the US Dollar falling out of bed, gold taking a pop at $800/oz and oil heading for $100/barrel.

We are not buyers at these levels and we may well live to regret it. When everything and everyone points one way it makes us nervous so for now we will observe the action and continue to research possible silver stocks for our investment portfolio.

Next week sees the silver summit in London, which we will be attending in the hope that we can uncover a gem and if we do we will post our findings here for your perusal.

Have a good one.

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