Wednesday, March 07, 2018

Further To The Fantastic Previous Article On Silver (SLV)

Further to the absolutely excellently written article by Clive Maund that appeared in yesterday's post (if someone says it better, why not) what I thought was missing an 'intermediate' chart to show where we stand with silver. His analysis is often times better than superb and he takes very long views meaning some of the shorter time frames for Silver ETF SLV are left out. Looking at the weekly view  we can see SLV is rather unexceptional. It has been floating at the threshold of the MA(144) on the daily chart and seems to be making a declining triangle on the weekly. Support underneath it is at $14.75 but a confirmed breakout will come at $16.00 and $16.75. Remember all of this is with regards to its current pattern rather looking at its yearly chart and COT report, which as Clive reminds us is currently uniquely positioned at the moment.