Strong Technical Signs for Silver SLV ETF
Commodities / Gold and Silver 2010 Apr 30, 2010 - 02:53 PM GMTBy: Mike_Paulenoff
is staggering to think that spot gold prices have rocketed well beyond the January 1980 high, while spot silver prices are about 60% off of the 1980 high! Let's notice that the silver price structure is heading for a confrontation with its long-term resistance line, now at $19.54, which if hurdled and sustained just might be the catalyst for upside acceleration that plays catch-up in a hurry with the advance in gold prices. In any case, my work points to an approaching confrontation with the 1980-2010 resistance.
The iShares Silver Trust (SLV) has hurdled its Dec-Apr resistance line at 18.05, and has traded above its prior high at 18.17 (from Apr 15). Both of these are technical signs of strength that point to upside acceleration that confronts much more important resistance along the March 2008-present trendline, now at 18.70/75.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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