Silver Monday Update

www.goldtrends.net Silver has reached the 41.95 area on Monday and is very close to the upper purple channel line. The highest monthly close in 1980 was 41.50 ----- so there should be some resistance in the 41-43 area. Support is the 40.50, 40.00, 39.30, and 38.20 area. A pullback to the 40 area or even the upper dotted trend line should provide support -- at least initially. The trend remains up -----and the lower purple channel line and the dotted trend lines are first support this week.

1 comment:

Warren said...

I wonder if the trading algos factor in dollar inflation when they look at previous highs? No matter, interesting times ahead once silver busts the $50/ounce barrier. I also wonder (like a few on Turd's blog) what happened with the $36 derivatives barrier. It doesn't make too much sense they allowed this price action to occur. Not complaining, of course .. just suspicious.

A user call "Blythe" keeps posting on Turd's site. This is worth some analysis I will dig out my notes shortly once the family go on their holiday.