Silver to Confirm Bullish Continuation; Swing Projection Targets 39.00


Shutterstock photo

Silver Technical Update

March 14, 2011 - Silver to Confirm Bullish Continuation

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

Weekly Gold and Silver Updates (3/11)

Silver (XAG/USD)
Silver 3/14/2011 4H and 1H Charts
- Silver has been in a correction since hitting 36.70 a 31-year high. This correction could be over, as the market is now accelerating back towards this 36.70 high.
- Before getting there, we have a correction, seen in the 1H chart so far as a triangle. It can easily develop into a 3-swing decline to complete an ABC correction. It can also remain in the triangle until it completes a 5-wave sequence before heading higher.
- These scenarios should allow for a correction down the 35.00 pivot, but should not push lower if the bullish continuation is at hand.
- A break above the 36.70 high, has a swing projection target to 39.00 . The 4H RSI in this scenario should break back above 60, and push  above 70.
-The daily chart shows that we are already at 200% fibonacci extension level. If the market breaks above 36.70 , it can go towards 250-261.8% extension. The 39.00 swing projection is right between these extension levels.

Silver 3/14/2011 Daily Chart

Is silver done with the corrective decline from last week? We would love to hear what you think.
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

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

This article appears in: Investing , Commodities

More from International Business Times


International Business Times

International Business Times

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by