Where is Silver headed? To answer that question we must take a look at the chart and see what the charts telling us. Silver went through a classic cup and handle formation straight into a head and shoulder formation. If that's not bullish, I don't know what is......Silver should trend into a roller coaster up trend before revealing the next formation. Minor upside resistance lines reside at the shoulders between 13.80 and 14.20. If this level is cleared, the next resistance resides at 15.50 and 16.00. If Silver tries to test the 15.50 level, the next pattern should reveal itself. I am guessing it will be another head and shoulder formation and perform the usual 3 dollar high to low game. The number 16 is really the only game in town for Silver.
If 16 is broke on the upside, 26 will be fully in play.
2 comments:
Do think this economy will ever push silver over $50?
Maybe....it depends on a couple of factors. I will do a quick post!
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