Monday, June 24, 2013

Silver Daily Chart

The silver daily chart shows positive divergence across all indicators as a result of the large -9% drop in silver last week.  The green channel lines show how price failed the upper channel in April and is now testing the lower trend line of the lower channel. The blue lines show a failing wedge pattern under development similar to the gold chart.  This daily chart is agreeable to a bounce due to the positive divergence and oversold conditions. The weekly chart is positively diverged as well although a couple indicators have slipped slightly with the negative action last week, thus, price is likely in for choppy sideways trading with a base developing in the days and weeks ahead. Silver is very much a trading vehicle right now and nimble trading on both sides can produce attractive results. The projection is that silver should base in the 18-20 range and recover. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.

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