Jul 23, 2012

Silver still in triangle consolidation

Breakthrough of the parallel channel confirmed the bearish trend of the silver. The precious metal tried to reverse last two months but growing concern over China (demand) has pressured the price further. Still SLV is trading within the long term triangle consolidation. If we see breakthrough of the triangle resistance line (another bearish sign) levels of $22.40 and $19 could be seen. If, however, markets reverse and risk appetite returns to investors mind a possible breakthrough above triangle resistance at $29 (which will eventually coincide with 200 MA) could drive the price 26% higher to $38.

Silver trading in triangle consolidation
Silver trading in triangle consolidation
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