"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 7 hours Will Regulatory Rollbacks Make Banks 'Too Big To Fail?'
  • 8 hours Elon Musk’s $2.6 Billion Tesla Challenge
  • 9 hours Tech Giants Could Be First Victims Of U.S. Trade War
  • 10 hours Dow Gains Despite Fed’s Rate Hike
  • 11 hours The Biggest Threat To Chinese Oil Futures
  • 13 hours Spending Bill Could Cause U.S. Debt To Soar To 99% Of GDP
  • 14 hours Precious Metals Slide Ahead Of Fed’s Interest Rate Decision
  • 16 hours China’s Soft Power Grab May Be Bad News For Emerging Economies
  • 1 day The Secretive Wall Street Firm Betting On Bitcoin
  • 1 day ‘Data Is King’: The Oil Industry’s Next Most Valuable Resource
  • 1 day Google Invests $300 Million To Combat Fake News
  • 1 day Zuckerberg Dodges A Bullet As Facebook Loses Billions
  • 1 day Tesla Tumbles As Investors Lose Patience
  • 2 days Are Alt-Coins On The Verge Of A Break Out?
  • 2 days What Should Gold Investors Expect From The New Fed Chair?
  • 2 days Who Will Pay For Trump's $60 Billion China Tariffs?
  • 2 days Vladimir Putin’s Mysterious Fortune
  • 2 days Cryptos Resist Social Media Crackdown
  • 2 days The Death Of Dodd-Frank
  • 2 days Bitcoin Bounces Back Ahead Of G20 Meeting
The App That Democratized Trading Is Now Worth $5B

The App That Democratized Trading Is Now Worth $5B

Investors and customers have rallied…

Alibaba Soars On Reports Of China Listing

Alibaba Soars On Reports Of China Listing

Chinese e-commerce giant Alibaba saw…

Clive Maund

Clive Maund

Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports.

More Info

Silver Market Update

Originally published November 6th, 2011.

Silver did what was expected of it last week, by reacting back to support in the $33.50 area, although it very briefly touched $32 intraday on Tuesday, and then, also as expected it bounced back. On the 4-month chart the action last week looks like a normal reaction, that may be a bull Flag, within a young uptrend that was signalled by the clear break above important resistance in the $33 area, which marked the top of the now completed intermediate base pattern.

Silver looks good here, and like it is preparing to break clear above the 50-day moving average, which is falling just above the price and currently acting as a constraining influence. The next upleg is expected to see it run at the more serious zone of resistance in the $37.80 - $39.50 area, which will be a bigger obstacle, as at this level it will run into supply from earlier buyers who were fleeced during the recent plunge and remain unnerved and ready to sell when they see prices improve.

Silver 4-Month Chart

The COT chart for silver remains strongly bullish with low Commercial short and Large Spec long positions and we saw some improvement in these figures last week.

Silver COT

Long-term the outlook for silver remains bright for reasons which are discussed in the Gold Market update, which boil down to governments and politicians, faced with insurmountable debt problems, continuing to employ QE for the foreseeable future in an effort to kick the can down the road for as long as they can, regardless of the inflationary - or hyperinflationary - implications.


Back to homepage

Leave a comment

Leave a comment

Sign Up For The Safehaven Newsletter