Breaks over the 38.8000 ceiling.
Silver has broken back over the 38.8000 ceiling that we have been referring to in recent reports. This now warns of a larger corrective phase, with scope for a further rise to re-test the 45.0000 region
Key macro support exists at 26.9600 (50% Fib-1999 bull market) and would still mean that silver’s long-term uptrend remains intact.
We also continue to watch silver’s relative performance against gold, which is currently unwinding (already up 37%), from extreme oversold conditions.
Now above 38.8475 (26th May high), we next target 39.4825 (11th May high), ahead of 40.0000 (old psychological level).
Please see the attached chart below...
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14.07.2011 Daily Technical Report SILVER
Published 07/14/2011, 07:06 AM
Updated 03/09/2019, 08:30 AM
14.07.2011 Daily Technical Report SILVER
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