Silver Technical Update
March 24, 2011 - Silver Targets 38.70, 39.85
Simple Moving Average(
) 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
Commodity Currencies in Reversal (3/23
Short to Medium Term
- Silver is about to reach wave equality as we see in the 4H
chart when the market reaches
- You also see this area as 161.8% extension of the decline from
- This swing projection is suggested by the positive reversal
seen in the daily chart (lower RSI low, but higher price low).
- Above this
area, we can be reaching towards the 200% extension which is at
- This bullish outlook is furthered if a subsequent decline fails
to break below
, or if it breaks it and sees an immediate rejection.
- Not much more to note, but that the momentum is very bullish in
both the daily and 4H chart, and there are no signs of stopping.
- The 1H chart shows also very strong bullish momentum, and a
channeling rally. A near-term support exists at
. A break below the 37.20 pivot would suggest a test of the
Will Silver need a break before heading towards 38.70?
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Fan Yang CMT
Chief Technical Strategist