The Commodity Specialist view – Following a consolidation over the summer months a fresh, unbroken bull move in Silver has seen the major 2008 peak overcome and the first of our Fibo projections reached. There is room for a s/term pullback now, but there’s no sign that the main uptrend is tiring.
- SILVER – MONTHLY CONTINUATION CHART:
Recovery from near major support has now exceeded the 2008 peak, testing our initial projection. We have also marked in an equality target, the 2001/2008 upmove extended off 8.78 2008 low, around 2600.
Support on this chart comes from the prior 21.185 high, ahead of the 19.80 May high. - SILVER – DAILY CHART DEC-10:
The unbroken bull run reached our next Fibo projection at 25.00, where s/term resistance has appeared.
We have marked in two nearby retracement levels, 23.6% & 38.2% – ideally the second one will hold in order to preserve maximum momentum.
However, key support doesn’t come in until around the 19.915 May high, where the current bull channel base projection resides. It is more important for this latter to hold now.
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