Eye on Silver Price and Pan American Silver Corp (PAAS) Stock
Commodities / Gold & Silver Stocks May 13, 2010 - 12:44 PM GMTBy: Mike_Paulenoff
Pan American Silver Corp. (Nasdaq: PAAS) has hurdled its December high at 27.31 on the monthly chart, at the same time that spot silver has broken above its long-term resistance line (from 1980) at 19.46. If silver prices accelerate to the upside, PAAS should benefit and climb towards 35.00, again on a big-picture, monthly chart basis.
On an intraday chart, PAAS remains above its near-term support plateau, although the gold sector appears to be taking a bit of a breather as it breaks two-day support.
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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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