Silver Targets 38.70, 39.85

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Silver Technical Update

March 24, 2011 - Silver Targets 38.70, 39.85

Simple Moving Average( SMA ) 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Fibonacci Study
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 Video)

Silver (XAG/USD)
Silver 3/24/2011

Short to Medium Term
- Silver is about to reach wave equality as we see in the 4H chart when the market reaches 38.65-38.70 area.
- You also see this area as 161.8% extension of the decline from 36.70 to 33.55 .
- This swing projection is suggested by the positive reversal seen in the daily chart (lower RSI low, but higher price low).
- Above this 38.70 area, we can be reaching towards the 200% extension which is at around 39.85 .
- This bullish outlook is furthered if a subsequent decline fails to break below 36.70 , 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 37.40 . A break below the 37.20 pivot would suggest a test of the 36.70 pivot.

Silver 3/24/2011 1H Chart


Will Silver need a break before heading towards 38.70? S ubscribe and become a membe r to share your views and join live discussions as well as webinars about the markets.

Fan Yang CMT
Chief Technical Strategist
FXTimes

 



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

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