Monday, June 8, 2009

SILVER Trade Update for 080609

It sure looks like a lot of good space available for the price of Silver to re-trace on the charts. The current price now is looking to challenge the main momentum, shown in the red channel. A significant excess of this will have the price continue to challenge Target 1; already in close proximity to Target 2 and most profoundly, close-by the main support blue trend line.

There is plenty of space for the silver price to give a generous re-trace without actually being seen as encroaching into bearish territory. As Silver is seen to share price action similar to Gold, performance of the USD will be monitored closely this week for further trade decisions on the Silver price. Overall in the technical perspective, on day to day terms this week, the current consensus for SILVER is a full 4/4 bearish bias.

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.

No comments:

My latest images for sale at Shutterstock:

My most popular images for sale at Shutterstock: