Silver’s Bullish Continuation Targets the 33.55 Area

By Fan Yang,

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Simple Moving Average( SMA ) 50-period (red), 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

Silver Loses Momentum After Double Top; 29.60 is Key Support (2/16)

Silver (XAG/USD)
Silver 2/18/2011 4H and 1H Charts

- After losing some momentum mid-week, silver has resumed the uptrend without cracking our noted support.
- The 1H chart shows this momentum now being overbought, and there is a bearish divergence.
- A correction can bring this pair back to the 30.80 level, and the market is still in a healthy bullish trend.
- The daily chart shows extension retracement levels. The 150%  extension is at 33.55 . This would be confirmed if the current decline fails to break the previous consolidation zone, preferably staying above 38.80 .

Silver 2/18/2011 Daily Chart

Will Silver continue in the manner it did in 2010 with a persistent rally? We would love to hear what you think.

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This article appears in: Investing Commodities
Referenced Stocks: SMA

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