Friday, January 20, 2012

Silver Strength

While my imagination's running wild
Yeah, things are getting clearer
--Bryan Adams

The technical picture for silver continues to improve.

With today's +5% jump, white lightning knifed thru its 50 day moving average and left little doubt that it has officially left behind its multi-month downtrend line.

One would think that further upside progress from here will be more difficult--given the damage done on the way down late last year. Using SLV as a proxy, 34ish should serve as significant resistance.

That said, silver is quietly up about 20% from its late December lows.

position in SLV

1 comment:

dgeorge12358 said...

Let me lay to rest the bugaboo of what is called “devaluation.”
~Richard Nixon, August 15, 1971