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The Power of the Wave Principle

Silver Poised to Move Higher

Commodities / Gold and Silver 2011 Sep 01, 2011 - 01:24 AM GMT

By: Mike_Paulenoff

Commodities

Although the action in spot silver is a bit uneventful, the near-term technical picture and set-up remain relatively positive, and argue strongly that spot silver is poised to move higher into the 42.80-43.20 target zone. This bodes well for traders of the iShares Silver Trust ETF (SLV).


At this juncture, only a decline that breaks and sustains beneath 41.10/07 will mildly compromise the developing pattern, while weakness that slices beneath 40.00 will inflict more serious damage to the near-term technical set-up.

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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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