Silver is lower today and starting to fall quickly. The iShares Silver Trust (NYSE:SLV) just took out a support level at $33.42. This was the low of the day yesterday and also this mornings first pivot low. If the SLV remains below this level, the next major short term target will be $33.12, which is the 200 moving average on the intra day and the gap fill from February 28th, 2011. If that level breaks, the SLV would trade to $32.50.
Silver and gold are taking a solid hit today as global fears are subsiding. The SLV is currently trading at $33.37, -0.47 (-1.39%), while the SPDR Gold Trust ( NYSE:GLD) is trading at $137.92, -2.00 (-1.43%). Both commodities are overbought but have remained such for quite some time. Many have tried to guess at the top and many have failed. Watch for the key confirmation signal on the daily chart.
Gareth Soloway
InTheMoneyStocks.com
