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Temporary Pause in Silver’s Bull Run

Commodities / Gold and Silver 2010 Oct 22, 2010 - 06:17 AM GMT

By: Seven_Days_Ahead

Commodities

Following a consolidation over the summer months a fresh, unbroken bull move in Silver has seen the major 2008 peak overcome and the first of our Fibo projections reached. There is room for a s/term pullback now, but there’s no sign that the main uptrend is tiring.


The Commodity Specialist view

SILVER – MONTHLY CONTINUATION CHART:

Recovery from near major support has now exceeded the 2008 peak, testing our initial projection. We have also marked in an equality target, the 2001/2008 upmove extended off 8.78 2008 low, around 2600.

Support on this chart comes from the prior 21.185 high, ahead of the 19.80 May high.

SILVER - DAILY CHART  DEC-10:

The unbroken bull run reached our next Fibo projection at 25.00, where s/term resistance has appeared.

We have marked in two nearby retracement levels, 23.6% & 38.2% - ideally the second one will hold in order to preserve maximum momentum.

However, key support doesn’t come in until around the 19.915 May high, where the current bull channel base projection resides. It is more important for this latter to hold now.

Mark Sturdy
John Lewis

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

© 2010 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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