6 month chart for Silver Looks Bullish

[GoldNugget]

Silver Market Update by Clive Maud posted at safehaven.com

The 6-month chart for silver also looks very bullish, with a steady unbroken uptrend above the 50-day moving average. After the breakout towards the end of January above a resistance level, predicted several hours before its occurrence in the last Silver Market update, it rallied to hit its minimum target at the return line of the channel, towards $10, before forming a small top and reacting back on Wednesday. The uptrend must be presumed to continue while the price remains above the 50-day moving average. Even in the event of it breaking down from this uptrend, an event which may be occasioned by a reaction in gold, it is unlikely to react back further than the strong support in the $8 - $8.40 zone, at most, as outlined above.