Silver Leads Precious Metals Sell-Off
Commodities / Gold and Silver 2011 May 05, 2011 - 01:34 AM GMTBy: Mike_Paulenoff
The iShares Silver Trust (SLV) is down 20% in 4 trading sessions. Let's notice that the SLV has given back ALL of its near-vertical upside blow-off type action ($37.00-$48.35) after the price structure hurdled the top of its 10-month bullish channel.
The SLV has returned to the vicinity of the extension of the upper channel line, which now serves as support starting at $38.30, into the area of the sharply rising 50 DMA ($37.85), which should contain and reverse current SLV weakness.
Meanwhile, SPDR Gold Shares (GLD) has corrected by a modest 3% (compared with the -20% in the SLV) off of its May 2 all-time high at $153.61, and is nearing a test of key near-term support at $148.00-$146.00, which should contain the weakness prior to the resumption of strength.
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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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