Friday, June 5, 2009

Silver Trade Update for 010609

Silver continues its bullish streak since last week, gaining from <>15.49 last week to <>15.75ish today. The channel resistance on the daily chart does not seem to be bothering the rise in silver price. On the M15 chart, the price has been affected by the channel resistance and any form of re-trace will have to contend with a new minor internal channel support at <>15.62ish and eventually the channel support at <>15.39ish.

Only by exceeding the <>15.08ish main support on the daily chart will the silver price be able to show diminishing the bullish thrust. Demand for precious metals like silver continue to rise as the USD weakens and people are looking for a save haven for the value of their money. Overall; on day to day terms this week, the current consensus for SILVER is a full 3/3 bullish bias.

Patience to wait for a major pullback is required for longer term traders who want the best bang for their money’s worth in Silver’s current bullish run. Anyway, on the daily chart, the profit to risk ratio looks horrible at the moment.

Disclaimer: Trading in the FOREX market & other forms of investments involves risk. This information should not AT ALL be viewed as investment recommendations. The charts & information provided here are not meant for investment purposes & only serve as technical examples.

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