Silver looks like it is in the process of building a long term bottoming pattern. There is a good chance we have ended the 3 year bear market & will shortly resume the bull run that started in 2003. A close above 2038 would be very positive & should be taken as a buy signal. A close above last week's high at 2060, perhaps next week would confirm as a second buy signal. We should then target the 100 day moving average at 2088 which is our next major challenge.
Support at 1985 then 1960 is a buying opportunity today. However if we unexpectedly continue lower look for the next support at 1940/37 which should hold the downside at this stage.
Silver looks like it is in the process of building a long term bottoming pattern. There is a good chance we have ended the 3 year bear market & will shortly resume the bull run that started in 2003. A close above 2038 would be very positive & should be taken as a buy signal. A close above last week's high at 2060, perhaps next week would confirm as a second buy signal. We should then target the 100 day moving average at 2088 which is our next major challenge.
Support at 1985 then 1960 is a buying opportunity today. However if we unexpectedly continue lower look for the next support at 1940/37 which should hold the downside at this stage.